Posted on: 01st Mar, 2007 07:11 pm
my grandfather is selling me a home that is part of an estate that he is executor of. we want to file a quit claim deed, but my mortgage company told me that if we follow a quit claim deed, we can not borrow against it for six months, according to fannie mae guidelines. is this accurate?
the reason we would like to do it that was is that other wise i need to get a mortgage for the sales amount and then refinance to take some cash out to do repairs. i would like to avoid having to go through to settlement/closings and pay for the closing costs twice.
the reason we would like to do it that was is that other wise i need to get a mortgage for the sales amount and then refinance to take some cash out to do repairs. i would like to avoid having to go through to settlement/closings and pay for the closing costs twice.
I am not sure of the Fannie Mae guidelines. But if it is a rule that one cannot borrow for 6 months after using quitclaim deed, then it is better that you look for other companies who do not follow the Fannie Mae rules.
I think the company is approved by Fannie Mae and this is why they are insisting on such a rule.
I support your opinion of avoiding the closing costs being paid twice - no use doing that. Better try with any other loan company.
I think the company is approved by Fannie Mae and this is why they are insisting on such a rule.
I support your opinion of avoiding the closing costs being paid twice - no use doing that. Better try with any other loan company.