Posted by Jeff H. CT on July 04, 2003 at 21:08:50:
Have yourself put on the exisiting loan and then refinance the loan. Many refinance packages will allow you to pay closing costs with the equity in the property. The $1000 to sign you on is all that you will need, and a rate like 64K @ 8.75% 30yrs = $504/mth.
Look what you save- 74K @ 5.5 % 30yrs = $420/mth
That is giving you $10,000 cash out of the deal and you save $84/mth.
This is only a suggestion but I think it would be much easier than applying for new financing. As long as your dad will sign the refinance papers or a power of attorney (for the property)- You should be golden.
Jeff H email@example.com