Purchasing family home/add to title/multi family

[Abigail Long]

Hi all,

Look for some advice. I’m active duty military and my parents have had a home here in Hawaii for 30 years.

They currently owe roughly $260k on it. And, it was appraised for over $650k. It’s a single family home 3b/1b with an extension that is supposed to be the main home 4b/2 1/2b. The extension hasn’t been completed due to financial hardships in the past. My parents are older and I am worried about their health. I am not on the title of the home. For years, I have tried to assist them in payments. And, trying to finish the extension, but have been unsuccessful due to being away.

What is the best way for me to be added to the title or take over the mortgage? And, finish the unfinished extension to help potentially add some renters to help pay for the mortgage. I’ve considered doing a cash out refi to finish the home, add my name to the mortgage, and use the remaining to purchase another home. Not sure if that’s the best way to go about this but any assistance or advice would be great. Thank you 

[Lehua Sutterfield]

Aloha Abigail..... there is a little unknown fannie mae guideline that I point out to the Brokers that I work with with this exact situation... see below 

to complete the renovation look for a lender that does a fannie mae home style renovation loan and use the guide below for qualifying purposes 

Children wanting to provide housing for parents

If the parent is unable to work or does not have sufficient income to qualify for a mortgage on their own, the child is considered the owner/occupant.