Posted on: 08th Nov, 2008 08:56 am
My dad put my name on the title to a house about a month ago. I decided to do a re-fi. Everything was going smoothly until my mortgage broker called to tell me that in order to qualify, my name needed to be on title for at least 12 months.He said this ws not a income nor credit issue, because both were in great shape. The mortgage guy said i would need my father to be a co-borrower because his name was on title for a long period of time. I am going through the freddie mac system. My concern is that my dad is already a co-borrower on my sisters home. Will he still qualify for my loan??? My lock is soon to expire, I need to clear this up soon to avoid paying extension cost.
Aloha, From Hawaii
Aloha, From Hawaii
some lenders will accept proof that someone else is making the payments on a debt and cancel out the debt. If your sister is willing to provide evidence for the last twelve months, then they could probably cancel that debt.
They would need to use his other debts against him, but chances are with his income and yours, you would still qualify.
You never know till you try. But your dad will have to provide all the same documentation that you did for the loan.
They would need to use his other debts against him, but chances are with his income and yours, you would still qualify.
You never know till you try. But your dad will have to provide all the same documentation that you did for the loan.
Hi left2wonder!
As far as I know, an individual can become a co-owner for two properties. However, it is always better to inform the lender to be on the safe side. Your father will have to provide all the documents that the lender may be wanting. I think you will face no problem in getting the loan.
Thanks
As far as I know, an individual can become a co-owner for two properties. However, it is always better to inform the lender to be on the safe side. Your father will have to provide all the documents that the lender may be wanting. I think you will face no problem in getting the loan.
Thanks