Can seller qualify for another loan?

[larolargo]

If I buy from the seller with an AFS, and she wants to qualify for another mortgage. Will she have any problem?
I`m currently working with a seller that`s willing to leave the loan on her name; however, she`s worried she will not qualify for her next loan.

Thank you!

Mario Ferreira

 

[JimWhitelaw]

Yes, it will play a factor, but she will also have additional income from you offsetting the payments. Whether that prevents her from qualifying will depend on the lender. Perhaps you can set her up with a good broker that can assess her situation for her.

 

[larolargo]

QUOTE (JimWhitelaw @ Nov 22 2010, 06:44 AM) Yes, it will play a factor, but she will also have additional income from you offsetting the payments. Whether that prevents her from qualifying will depend on the lender. Perhaps you can set her up with a good broker that can assess her situation for her.

Thank you Jim!

 

[KULA]

This seems to be one of the hardest challenges.




I am told that I should be able to obtain from my lawyer a 'piece of paper' that will show to the lender, that the seller is actually getting income from me. Does anyone know what this 'piece of paper' is called? Does this work?



Niran