Posted on: 26th Feb, 2009 04:27 pm
i want to purchase a home. on my salary, i can't afford it. my ex boyfriend owes me big time. can i purchase a home and have him on the loan to qualify and within maybe 6 months, take him off by doing a quit claim deed
hi sylvie,
you can have your ex on the loan, but the lender might require him to be on the title to approve the loan. in that case, you will have to add him to the title of your new house. then after 6 months, he can sign you a quit claim deed transferring his share back to you and you can then refinance the loan in your name. however, before you add him to the title, get it in writing from him that after 6 months he'll be quitclaiming his interest over to you.
you can have your ex on the loan, but the lender might require him to be on the title to approve the loan. in that case, you will have to add him to the title of your new house. then after 6 months, he can sign you a quit claim deed transferring his share back to you and you can then refinance the loan in your name. however, before you add him to the title, get it in writing from him that after 6 months he'll be quitclaiming his interest over to you.