Helping 20 Million Americans a Year for 20 Years. FREE!
Find the Right Lawyer for Your Legal Issue!

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential

Call us today for a free consultation (855) 466-5776

How to get a mortgage on a gifted house?

Question Details: My dad wants to gift his property to me and my girlfriend of 14 years. He owes $37,000 on it and it has been appraised at $309,000. We need a mortgage for what he owes on it. How do we make this happen? We are both first time homebuyers. We have lived in the home for the past 5 years and paid the house payment, taxes and insurance for my dad. We've been told that the only way this can happen is to take a personal loan for what is owed with a ballon payment in 5 years. We really don't want to do it that way. We would like a mortgage and then be able to pull a home equity line of credit to start renovations on the home.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.