Have you and Dad become co-borrowers on the loan. At your option you can title the property solely in your name or in both, it really doesn't matter and doesn't effect your ability to solely use the tax advantages of the loan. What does matter is that once your credit is all fixed up, is getting your Dad's name off the loan which will require you to refinance the loan.
If you title in both your names, a quit claim deed is an option when you refinance, because you can't record the quit claim until that time.
I did the same thing when I bought my first house, but opted to keep my parents on title (joint tenancy with right of survivorship) because I didn't have any heirs just in case something happened to me. Once I got married, we left the parents out of it.
I have the cash and savings. What i am really asking is how the property can be transferred to me sometime in the future? How is this legally done?
What you really seem to be saying is that he is going to buy a house for you. If he can swing that as a cash purchase, fine. But any mortgage he gets will not be assumable by you. You'd have to get a new loan in your name as part of the sale.
finish fixing your credit first
and then have 5 months of income in savings
(do not dare buy a home without these 2 steps first)
I am hoping someone can help me with this question. I have terrible credit long story short , I work in construction industry and went thru a terrible time in 2009 especially in South Florida. I now have a great job for over 3 years, good income, and am in the process of fixing my credit ( yay!). My dad has agreed to help me purchase a home. However, we do not know how is the best way of approaching this in regards to transferring the property to me at some point. Quit claim deed? Assumption of mortgage? Etc. Can someone please weigh in? I really appreciate.
Thank you,
