| Need help with a family sale
I have a borrower who has bad credit and needs to lower his payment and get some cash out and cant go full doc. He wants to do the loan in his mothers name since she has good credit. I am not able to find any prime lenders that will cash out with no seasoning title, so I figured I would have her buy it from him. My question is because they have the same name, it will be viewed as a family sale. What banks will allow the seller(the son) to gift the equity as a down payment and not require to see the mortgage histroy(he has a late payment in the last 12 months), and be ok with the borrower being previously on title( 2 years ago)......or my other option is to wait until his mortgage late comes off in January and do it as a refi, but i will need a bank who will do an 80 ltv cash out refi with no seasoning on title and i have not found any. ANy advice is appreciated.
| 
