Will the grantor be able to obtain another mortgage after a

mrchuckclark · Joined: 26 Feb 2008 Posts: 1 1.33 Dollars($)

My brother and I bought a house together and he now wants to buy a house with his fiance. I need to eliminate some debt before I can re-finance. My brother does not want to wait in order for me to do that.
My question is will he be able to obtain a mortgage after a quit claim?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi mrchuckclark,

Welcome to the forum.

I think quitclaim does not reduce the credit score. So even after signing the quitclaim to you, he can qualify for a new mortgage but that depends upon so many things like his credit report, present income, DTI ratio etc etc.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Guest 0.10 Dollars($)

If your brother quitclaims property to you, it implies he his transfering his ownership rights on the property. But he won't be able to take his name off the loan. The lender will probably require you to refinance the loan in your name and only then it will be easier for the brother to qualify for a mortgage and purchase another another house.

gmakerley · Posted: Wed Feb 27, 2008 11:15 am Post subject:

the real answer to your question is "maybe." if he is buying with his fiancee, the lender they talk to will take her income and obligations under consideration as well as his. in all likelihood, that lender will count the mortgage you have with him now as an obligation unless he can document that he has not been making payments for at least the past 12 months.

All times are GMT - 7 Hours

Page 1 of 1