Posted on: 20th Jan, 2010 12:23 am
my father has transfrered the property to me, my mother and brother through a quitclaim deed. my brother has a pretty bad credit score. i want to know, since my brother is already in the deed, is it okay if my mother and i refinance the property with just the two of us without having to include him in the process?
my last question: i have a credit score of 653,649,and 637 in the three different agencies. can we refinance with those score?
thank you,
jaime
my last question: i have a credit score of 653,649,and 637 in the three different agencies. can we refinance with those score?
thank you,
jaime
In my opinion, you will be able to refinance the loan along with your mother. However, there are chances that the lender may ask your brother to sign a quit claim deed and transfer his rights to the property over to you and your mother. With the credit score that you've mentioned, you would be able to get a FHA loan. In order to get a conventional loan, you should have a credit score of 700 at least.
Yes, You can refinance but lender wil ask you for name off your brother from deed in order to process refinance.
Thanks.
Thanks.
precisely as stated above...your brother's credit isn't going to be sufficiently good, it appears, to have him involved in the loan. consequently, the lenders won't do business with you unless he's off the title.
