How long do we need to wait to refinance after being added to a deed?
How long do we need to wait to refinance after being added to a deed?
My husband was recently added to a deed, along with his mother, of a home in San Diego that was previously occupied by his grandmother (who recently passed). We are 2 weeks into a loan process where we are buying out his mother out of her half of the equity. We were just informed today that we were denied the loan because my husband needs to be on the title for 6 months (he's only been on for 1 month). Is this true?
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If he was trying to do a refinance and get cash out then yes there are timeline guidelines for how long someone needs to be on deed -
He likely could have set it up as a purchase but it is hard to say without knowing all of the details
How long has the mother been on the deed?
Good Luck
Brian Barnes
ENG Lending
Nationwide Lender