Posted on: 24th Feb, 2014 01:26 pm
My son & girlfriend bought a house together, both names on mortgage. They have broke-up but my son wants to keep house and get her name off mortgage.To refinance the mortgage, he cannot afford the house on his own salary. He told the loan company what if his mother refinanced with him. They told him that couldn't be done unless I was living in the house. Is this info correct?
Not at all you need to find a LO that knows what they are doing. It is fine to have a non occupant coborower so long as he is living in the home. It is done all the time. Your income and debts will be added to his to determine eligibilty.
Brian Barnes
ENG Lending
Nationwide Lender
Brian Barnes
ENG Lending
Nationwide Lender