I would like to buy house from my fahter. Can I get home loan for this?

No





You cannot get home loan for purchase of property from your father.





Alternatively for raising funds, you can get mortgage loan with slightly higher rate of interest.





Home loan is given at cheap rate of interest and there is tax exemption for principal and interest repayments.





In case of loan against a property purchase from father, it amounts to internal flow of money within the family and so the home loan is not allowed in such cases. Mortgage loans do not qualify for tax exemptions.I would like to buy house from my fahter. Can I get home loan for this?
Actually, we do care a little bit if you buy a home from a family member. If you're planning to buy it to live there, then we're fine, but if you're trying to buy it as though it would be your primary residence and what's really happening is that they can't afford their house anymore and you plan to purchase the home but let them continue to live there, we won't do it. And if we find it later that's what happened, we may call the loan due to fraud.I would like to buy house from my fahter. Can I get home loan for this?
You may purchase a property from anyone in the world to include relatives and friends.





You would have to qualify for a home mortgage as anyone else, unless your father can afford to carry the mortgage note himself.








In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.





Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.





He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.





The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.





When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.





#1 One month of pay stubs for each person that will be on the mortgage.





#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.





#3 Two years of federal income tax along with the W-2 that match.





Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.





Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.





Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.





If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.





You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.





Make sure your mortgage broker explain all your options so you may make an intelligent decision.





What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.





So select the best option for you and your financial situation.





You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.





Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.





Your mortgage broker will now order an appraisal to show proof of the property value.





The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.





After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.





Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.





I hope this has been of some benefit to you, good luck





';FIGHT ON';
Best way to find out is through a reputable lender. If you are doing it just for the first time home buyer's federal income tax credit then you may be on thin ice. Most transactions should be what is called, ';arms length'; and by that it means it should qualify as an ordinary transaction. It is certain that this purchase would be under close scrutiny.





Be careful to disclose your purpose when applying for the loan but don't even think about doing something fraudulent.
The lending institution doesn't care who you are buying the house from. They are only interested in your credit rating and your ability to pay back the money that you are borrowing. The fact that the seller is your father has no bearing on their decision to loan you money to buy a house.
Sure. You get a mortgage just like any other home purchase.


Unfortunately you won't qualify for the first time buyer's credit if you buy from a relative.
if you have good enough equity, enough cash up front and make enough money to qualify for the size mortgage you will need, yes
Go ahead. As long as you qualify for a loan then it would be just like buying it down the street.
as long as you have the credit rating for it, it's just like buying any other house. good luck and congrats!!
Absolutely. You will buy the home just like anyone else would.
sure