I am looking to buy my first home and my parents are going to be helping me out by putting down 50% of the purchase price in cash while I take on a mortgage for the rest. We are wondering the best way to structure this deal to try and keep my parents off the mortgage note if possible, but ensure that I can qualify and get the best rate possible.
Talk to different lenders. From the sounds of it you'll have sufficient equity. What is not known is what you can afford and how well you qualify. No lender wants equity if they know they'd have to foreclose on the home anyway. They'd just pass on the loan.
Speak with several lenders so you can explain how you want to work your loan, and that you want it in your name alone. Hopefully, the large down payment will yield a manageable payment and you'll soon be in your own home.
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Talk to different lenders. From the sounds of it you'll have sufficient equity. What is not known is what you can afford and how well you qualify. No lender wants equity if they know they'd have to foreclose on the home anyway. They'd just pass on the 