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TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 12206
Experience:  JD, MBA
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Planning on buying a home with my daughter. I am putting down

Customer Question

Planning on buying a home with my daughter. I am putting down payment on the house she and her fiance will pay the mortgage. I will be moving there when I retire time line 5-7 years. Question how will this be handled when I move there. The house is in the state where they live so she will be primary and I will be non-resident owner. How will this impact when she is ready to buy a home with her then to be husband.
Submitted: 3 years ago.
Category: Real Estate Law
Expert:  TJ, Esq. replied 3 years ago.

VAMD, Esq. :

Hello and thank you for allowing me the opportunity to assist you.

VAMD, Esq. :

Will your daughter be on the mortgage for the house that you two buy together? Or is she just going to pay the mortgage, but not actually be responsible for it?

VAMD, Esq. :

Are you currently online?

VAMD, Esq. :

It appears that you are offline, so I will end out chat. However, you may respond to me at any time, and I will be able to continue working with you. I look forward to your response.

VAMD, Esq. :

Thank you.

Customer: replied 3 years ago.

Yes my daughter wll be listed on the mortgage as the primary person and I will be listed as the non-resident owner.

Expert:  TJ, Esq. replied 3 years ago.
Hi again.

Thank you for responding. If your daughter is on the mortgage, then that could hamper her ability to get a mortgage on a different house when she is ready to do so with her soon to be husband. That is the largest concern as to getting a new house after you move. But you could also refinance out of your daughter's name at that time. Of course, the ability to refinance depends on other factors, such as equity in the house. If home value continue to improve, then it probably wouldn't be a problem, so long as you can qualify by yourself. If home prices fall between now and when you move, then refinancing may not be possible, and your daughter may find that she can't get a mortgage on a new house with her soon to be husband.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied. Also, your positive feedback is much appreciated. Thank you for using our service!

If you would like to direct additional legal questions to me in the future, then please type "To VAMD" in the subject line of your question.
Customer: replied 3 years ago.

Thank you. Since I will be able to ask additional questions I may get back to you. Thanks for your help

Expert:  TJ, Esq. replied 3 years ago.
Glad to be of help. Please remember to rate my responses here, and thank you for using our service.

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