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Updated over 11 years ago,
Can my dad get a mortgage to buy two rental properties from my mom before they divorce?
Hi everyone, I hope you are having a good summer.
My parents are separated and will probably get divorced soon. Would it be possible for my dad to buy two rental properties from my mom?(there are no mortgages on them currently, my mom owns them outright) If so how would this be done? Could my dad get a blanket mortgage loan for these two properties which are worth about $250,000 combined. My dad is making 80k a year and has a 720 credit score, he has had this job for a year and a half, he has about 15k in credit card debt and a credit score of 720 (we have quite a bit of cash reserves so could easily pay this off if necessary)
Would it be possible for my dad to buy these two rental properties from my mom with a mortgage? Could my dad use 75% of the rental income towards qualifying for the loan. Each house rents for about 1000 a month. Could they do this before they were divorced? I have done some research online with a couple lenders. How to get the best lender? Any on Biggerpockets?
Thank you for any advice