Compare Mortgage Quotes

jmlawren · Joined: 19 Oct 2009 Posts: 2 1.44 Dollars($)

How long must someone be on the deed for a home when two people are seeking to refinance a mortgage together?

jveenstra · Posted: Mon Oct 19, 2009 9:33 am Post subject: Refinance

If there is at least one borrower obligated on the new loan who is also a borrower obligated on the existing loan being refinanced, there is no waiting time, the refinance can be done right away.
Is the person being added to the deed presently living at the property? Are they a relative?
Is the property your primary residence.

Need you to answer those three questions as the rules are different for occupant borrowers and non occupant borrowers. If the person being added to the deed is not living there (nonoccupant coborrower), you may have to look at an FHA loan, especially if they are being added for income to help you qualify.

jmlawren · Joined: 19 Oct 2009 Posts: 2 1.44 Dollars($)

Person to add is a direct relative. Current borrower is primary resident with substantial equity in the home but was recently laid off and now freelance while seeking fulltime work. Excellent credit scores however and no other debt than mortgage but likely need relative's assistance to qualify. What is FHA rule for how long relative must be on the deed to apply for refi?
Thanks.

Posted: Mon Oct 19, 2009 10:27 am Post subject: Refinance

Regarding FHA, nonoccupant coborrowers may NOT be added to qualify for a cash out refinance.
If you are looking to do a rate and term refinance (no cash out), you should be ok right away.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Adding family member to deed before refi