I would like to borrow about 70% of the value of my 100% paid off condo. I have a homestead exemption on this property. My parents have the money to loan me and it will be a nice source of income for them also as I will pay market rates.

My questions...

Can I use one of these forms to record the loan @ the county court house or are these forms ONLY used for Fannie mae and Freddie loans?

Would I use a deed of trust or a Home Equity?

Thank you for reading this post and answering.

T.

TEXAS HOME EQUITY AFFIDAVIT AND AGREEMENT (First Lien)-Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3185
https://www.efanniemae.com/sf/formsdocs/documents/specialpurpose/pdf/3185.pdf


TEXAS--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3044
TEXAS DEED OF TRUST
http://www.freddiemac.com/uniform/doc/3044-TexasDeedofTrust.doc

MULTISTATE CONDOMINIUM RIDER--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3140
Riders - Freddie Mac (http://www.freddiemac.com/uniform/unifriders.html)

Would suggest you contact an attorney on the form business as I don't think the Fannie Mae forms would do your family any good and might prove to be a waste of time.

While I know you want to save a few hundred dollars, you are talking about a larger amount of money, a lien on your home and your parents are talking about the security of a large sum of money.

You need a very complete and legal loan agreement drawn up and you also need to have the mortgage filed properly on your deed.

Please hire an attorney, to have it done correctly, so there is no issue or problem latter, for your protection as well as the protection of your parents