Mortgage Loan Officers Please give me some advice?
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If there any loan officers out there that can please give me some advice i would really appreciate it. My son has a house that is currently being rented and I rent an apartment. Although he pays his mortgage on time he has bad credit and I have very good credit. His score if 560 and my score is 740. He wants to refinance and put my name on the mortgage since I have good credit. Will the bank allow this? If so how will it be done. Some people are saying he has to add me to the deed and wait 3 months, I have also heard he can just add me to the title and do it right away. I have heard some banks allow you to refi as long as you are just added to title. What is the difference between the two? I am trying to get a clear answer. Also, being that the house is rented do we have to get an investment property rate which is much higher than if it were owner occupied? The tenants that live in the house now are leaving and I am planning to leave my apartment and live there.
Mortgage Loan Officers Please give me some advice?I am a loan officer, and here is the answer.
1. Yes, if your son adds to you to the title, he can add you on loan application, however, when banks consider the loan application they pick the middle score for each applicant and then the lowest of those middle scores is used for qualifications. So, that means that your sone will add you to the title and then you better of actually doing mortgage for that property just by yourself, without putting your son on the application -- this is legal. Not all title holders have to be on loan application. If you are planning to move into the house, you will state that on the application and will get the regular "owner occupied" financing.
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