Bought Me a Home as a Wedding Present

Depends on what the current loan to value is given today's environment.  If the home was purchased during the peak of the market, there is a good chance the values are down.  If your father put a good chunk of money down when he bought it for you then you might be okay.  Are you on the title of the home with your father?  If so then there could be a chance for you to refinance it into your name depending on your Debt to Income ratios.  This would make the home Owner Occupied as opposed to an investment property which would help you out on the Interest Rate. 

Thanks,

Chris

If you can document that you have been making the mortgage payments it's possible FHA will allow you to refinance in your name if your situation has improved. Also a gift of equity may a possability if your credit is up to par.

If it's just an investment refinance for your father you shouldn't have a problem getting a rate lower than 8% for him as long as he can qualify in today's market. Assuming the value is there you have to make sure he has good credit and 6 months reserves. Also less than four financed properties.

What a fantastic wedding present!

I think you and your father should definitely pursue refinancing.  Ask your mortgage professional about the possibility of transferring the home into your name via gift of equity, if that's what you both want.

Otherwise, your father refinancing it as an investment property is a possibility.

The lowest rates are for owner occupied properties, but rates are down on all loan programs.

I recommend that you get a Good Faith Estimate from a mortgage broker and a bank in order to compare loan offers. 

Best wishes to you,

Carolyn Warren

Well Rates haven't been at 8% for quite a long time, even for investment properties, so hopefully you're talking about a very old 8% 30 yr fixed rate, from like 1998.  BUT, if you're talking about a 100% NO DOC NON OWNER OCCUPIED loan and if "peak of the housing market" means it is currently upside down, then you are probably stuck.  Otherwise the FHA suggestion is a feasible route.  There are lots of issues here:  1) What is dad's financial situation?  2) How much is the loan? - Is this also a JUMBO loan for your market?

I would reccommend you use the directory in the upper right corner, and based on what state you're in, call 1 or 2 Loan officers and get some ideas.