So my grandmother was a real estate woman and is no longer wanting to be a landlord. She’s already designated her properties in her trust to my different family members. But with my situation, I had moved away for a time and now am going to move back closer to family. She is planning to sell one of her houses (which was designated to be mine in her trust) and utilize those funds to purchase another home for me and my family which I couldn’t be more grateful for.
But now I’ve gotten conflicting advice and I’m reaching out to see if anyone is savvy in this regard.
She is under the impression we have to get a loan together to purchase the new home (as it will be under both of our names). She is putting down a majority of the money obviously with the sale of her previous property and her name will be on the deed as well.
For me, I am planning to get a loan (either with her or not depending) and using that to cover the additional funds needed to get the house (as her house will sell for a bit less than the area in which I’m planning to buy, I’ll need approximately 100k more with the loan). We all have excellent credit so I’m not worried either way.
The question is, does she have to be on the loan with me since she’s putting down the money and it is NOT going to be a gift, or do I just get the loan by myself and we each own a separate share of the house? Is that even possible? This is my first time buying so I am just navigating this the best way I can.
Any help is surely appreciated.