Posted on: 19th Aug, 2009 12:11 pm
Hello. My father is going to be the co-borrower on a house I want to purchase in Washington, DC. His name will be on the loan. Does his name automatically have to be on the deed or can it just be my name when we first purchase the property? Thanks.
it should be set up with you as owner and borrower, and your dad as non-occupant coborrower (loan only). then it's your home.
Thank you. I'm going ask my lender about this option. They made it seem like it was a must that my father be on the deed.
let me add this...i guess i took it for granted you're trying to do this as an fha loan. if it's conventional, that's another story, i think.
My husband is the borrower for a home we are purhcasing. Does my name "his wife" will be included in the deed also even if I'm not a borrower?
Hi amart,
You can include your name in the property deed while your husband is purchasing the property. It is not mandatory for you to be on the mortgage. If your name is on the property deed, then you would be considered as a co-owner of the property.
You can include your name in the property deed while your husband is purchasing the property. It is not mandatory for you to be on the mortgage. If your name is on the property deed, then you would be considered as a co-owner of the property.
im trying to buy a house but my gredit is not good enough but my uncle who have excellent gredit trying to co borrow me but the lenders keep telling me that i have to have good gredit from to do that . is there another way we could do it ?
Yousef, it would appear that the lenders you've spoken to are telling you that your credit is unacceptable at this time. You'll need to rehabilitate your credit, or begin over or something, in order to bring your score up to a reasonable level. Your uncle is nice to help out, but it won't do him or you any good if he is the only one qualified to take a loan.