Unique scenario.

chicagoguy · Joined: 19 Mar 2009 Posts: 1

Here's the deal...

My wife and I have been married for almost 2 years, living in a condo owned by my mother. We really love the place and my mom is willing to sell it to me as the value of the place has fallen to about as much as she originally purchased it for. She is hoping this would reduce her tax liability as well as allow me to qualify for the first-time homebuyer credit.

Now, here's what makes this situation unique. My mother doesn't know we're married. Just to prevent any rude responses from any assuming people, my mother is a completely overprotective (Asian) mother. Not to mention, I am her only child and she went through a horrible divorce with my father and got remarried to a guy who she constantly gets irritated with (which I really believe is her own fault, since he's a great guy, but she's extremely nitpicky about everything). So, needless to say, she has a tough time letting me go as well as believing in the concept of marriage (well, for love, anyway). Plus, she is intensely critical of any woman whom I have ever dated (I stopped telling her after my first girlfriend), even my wife who she claims to "like."

The question is, since I have to keep this from her, am I going to run into problems keeping this from her when I apply for a home loan? And, if so, what problems? I thoroughly appreciate her willing to sell the place to us, but I really think she will go ape if the marriage thing comes up.

m2c · Joined: 03 Aug 2005 Posts: 937

State law comes into play but I'd have sales contract and eventually the deed run just to you. Joint application for loan should be OK and under privacy laws, mortgage company will not tell third parties you applied as H&W.

FTHB documents will be an issue since "state" looks at family income but, again, that should be confidential and not accessible by your mother