Posted on: 29th Nov, 2010 09:27 pm
My parents have a home with a fha loan but they want to tranfer or rent it out to my brother how can they do that? the catch is that my brother has so so credit?
hi angel!
welcome to forums!
your parents can rent the property to your brother. i don't think there will be any issues with that. however, if your parents transfer the property to him, then he will have to refinance the mortgage in his name. if he has a bad credit, then he won't be able to refinance the loan.
feel free to ask if you've further queries.
sussane
welcome to forums!
your parents can rent the property to your brother. i don't think there will be any issues with that. however, if your parents transfer the property to him, then he will have to refinance the mortgage in his name. if he has a bad credit, then he won't be able to refinance the loan.
feel free to ask if you've further queries.
sussane