I want to buy a house and I'm wondering if there's any way I can transfer a family loan to the mortgage. After being approved I can buy a house but if you can offer cash prices are better. I'm wondering if there's any way I can use cash from a family member to buy the house then pay them back with a loan or mortgage? Meaning get the money from a 30 year loan/mortgage and pay them back.
They have the funds to buy it up front. But I can get a mortgage. I could get the house cheaper if I can offer cash. In any matter a mortgage is needed so is there a better way to do this so I can work a large loan into the mortgage to pay someone back for the purchase of the house?
Thanks
Added (1). Clarification, I get the house today with their money because of cash purchase. But I set up the mortgage payment for the house a few months after purchase and get the bulk chunk to pay them back their entire amount from the bank just like if I was going to pay the seller. Is this possible? Websites say no.
Example. I want to get mortgage for $200000 6 months from purchase date and pay family member who gives me $200000 cash for house purchase today. Pay them the $ the bank gives to pay seller
Read more: https://allmortgage.net/forum/how-to-transfer-a-family-loan-into-a-mortgage.html
