IS IT POSSIBLE TO GET A LOAN ON MORTGAGE LOAN WITH A QUICK C

bettyjoanner · Joined: 22 Jul 2008 Posts: 2 1.53 Dollars($)

Is it possible to get a loan on mortgage loan with a quick claim deed? My mother is transferring her home to me can i get a loan with a quick claim deed

bettyjoanner · Joined: 22 Jul 2008 Posts: 2 1.53 Dollars($)

is it possible to get a loan with a quick claim deed

sweeney · Posted: Tue Jul 22, 2008 2:06 pm Post subject:

The quit claim deed will either add your name to the tile of the property or add your name and remove hers, depending on how you have it worded. This, in itself, won't get you a loan. It's just one requirement to get a loan. The lender will also assess your income, credit history, loan to value, etc..

0.10 Dollars($)

Speak to a lender BEFOREHAND if you're planning to go Fannie conforming. Probably best to do as a sale with gift of equity. If you add your name first and then delete mother from title as part of the refinance. Has to do with "continuity of obligation" as to how it's classified. Better to avoid this confusing text -- read FNMA announcement 07-23 if you want a headache.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi bettyjoanner.

Welcome to the forum.

Your mother can quitclaim to transfer the property to you but to get the mortgage loan on your name the quitclaim deed will not serve the purpose. You must refinance the mortgage loan on you name only. So for that reason talk with your lender and he do allow you to refinance the loan on your name then you can shop for other lenders also.

Feel free to ask if you have any further questions.

Best of luck,
Larry

All times are GMT - 7 Hours

Page 1 of 1