Posted on: 19th Jan, 2011 06:43 am
If someone grants a property to you through a quitclaim deed. Do you have to qualify to take over the final balance due on the property?
hi elaine!
welcome to forums!
once the property is transferred to you, the lender will want you to refinance the mortgage in your name. in order to refinance the mortgage, you should have the required credit score, debt to income ratio and stable income.
feel free to ask if you've further queries.
sussane
welcome to forums!
once the property is transferred to you, the lender will want you to refinance the mortgage in your name. in order to refinance the mortgage, you should have the required credit score, debt to income ratio and stable income.
feel free to ask if you've further queries.
sussane
While it's an old house my score is only 572 and my income is 35,000 per year do you think there is anyway I could qualify for a mortgate.
Welcome Elaine,
With a credit score of 572, it will be difficult for you to get a mortgage. You should have a credit score of around 700, in order to qualify for conventional loans. For FHA loans, you need a credit score of 600-620 to get an FHA loan.
With a credit score of 572, it will be difficult for you to get a mortgage. You should have a credit score of around 700, in order to qualify for conventional loans. For FHA loans, you need a credit score of 600-620 to get an FHA loan.