question about first time homeowners loans

Maribelle7777 Posted: Aug 16, 2004 04:23 PM

question about first time homeowners loans

since my dad put half his house in my name does that disqualify me as a 'first time homeowner'? I dont' pay any mortgage (it's paid off) or insurance (he does). It's just in name only.

TIA

DjPiLL Posted: Aug 16, 2004 04:24 PM

Re: question about first time homeowners loans

I believe so. Another caveat of co-signing. Check with SONYMA to make sure.

Assuming your name was on the mortgage (not just the title).

DjPiLL Posted: Aug 16, 2004 04:30 PM

Re: question about first time homeowners loans

Actually... hell I wouldn't even ask SONYMA. If it was a while back... I would just apply for the SONYMA but prepare to pay full cost of the mortgage.

If SONYMA rejects you at last minute because of this... oh well. But let them find out for themselves.

Then again... it really wouldn't be too hard to find out cause they will pull your credit and it will be there black and white on your credit report that you had a mortgage and were paying it. (according to the credit report)

Maribelle7777 Posted: Aug 16, 2004 04:32 PM

Re: question about first time homeowners loans

caveat of co-signing????

no my name is not on the mortgage. the house has been paid off for 20 years. he only put my name and my sister's name as the legal owners of the house in case something happened to him and he had to go into a nursing home or long care facility (hopefully he never will). Some of these places will try to take the home away saying it's for payment. They cannot do it if it's not in my father's name.

DjPiLL Posted: Aug 16, 2004 04:59 PM

Re: question about first time homeowners loans

If your name is only on the title then you should still be eligable for the SONYMA. But nothing is guaranteed with that program anyways. Ask NOV04BRIDE how she feels about that program.

Oh... and they can still try to take the house away even if your name is on the title since he still has legal claim to the house. The only way in avoiding that is to take his name off completely. But thats a whole different thread/issue.

Maribelle7777 Posted: Aug 16, 2004 05:13 PM

Re: question about first time homeowners loans

thank you

i am not sure why you are mentioning about anyone taking the house away if i've already mentioned that my sister and i co-own it together.

that was the whole point of him doing that - so that he doesn't legally own it and therefore no one can legally take it away from him.

but my original question was if that disqualified me as a 'first time home owner'. And I am not interested in a sonyma loan (at the moment). I was looking at the HUD page and noticed that they have programs for first time homeowners. Did not specify the programs.

I was just curious if anyone knew.

DjPiLL Posted: Aug 16, 2004 05:17 PM

Re: question about first time homeowners loans

Oh... i must have mis-read it then. I thought you co-owned it WITH him. Then yeah... they have no claim in the house. If you have no mortgage on your credit report... i don't see why you can't apply for this promotion.

bride04 Posted: Aug 16, 2004 06:22 PM

Re: question about first time homeowners loans

oops...posted on wrong thread

nov04LIbride Posted: Aug 16, 2004 08:42 PM

Re: question about first time homeowners loans

DjPill knows how fed up I am with SONYMA! After telling FH and I we definitely qualified, the week we were supposed to close they called and said no...An odd loophole where bonuses were calculated more than we earned. At any rate, we had to switch to a conventional rate at that point. Had we locked into the conventional rate the month we locked into SONYMA, we would have saved .6% on the rate. So now we have to buy a point and a half to keep the monthly payments the same, and had to pay AGAIN to lock in the conventional rate. I have heard too many horror stories and would NOT recommend SONYMA or the Bank of NY Mortgage to anyone!!!! Thank god we are closing Friday, I am so ready to be done with the mortgage process. And my as*hole mortgage guy who said he would treat us like 'his kids' and take care of our mortgage. Poor kids is all I can say.

butterfly20 Posted: Aug 17, 2004 07:40 AM

Re: question about first time homeowners loans

last i checked sonyma was at 5.25%....... priceline.com is at 5.375% with 0 points now.....so the diff is .125% and theclosing costs......

my guess is sonyma is for first time home buyers.....and to me the name being on the house would mean you bought the house even if your name isnt on the mortgage.... you still have rights to the house....