Relatives living together... refi from one's name to the other's name possible?

Erik · #1 (**permalink**) 07-19-2007, 10:40 AM

So here's the deal... a mom has her son and his family living in her house. They put the house in son's name as he has better credit for a new loan.

Now they want to revert back to having her be on the loan and on title. Are there any lenders who will treat this as a refi instead of a purchase?

They've both been living in the house for several years and the mom has been paying the house payments.

Share with me your wonderful knowledge, MBL people

spoulos · #2 (**permalink**) 07-19-2007, 01:39 PM

Hello,

If you can provide 12 months cancelled checks from the mom showing she is paying the mortgage, then Saxon can treat this as a refi.

Please email me with the full scenario and I will price for you

pouloss@saxonmtg.com

Sincerely,
Sofia Poulos

anthonyt2325 · #3 (**permalink**) 07-19-2007, 03:30 PM

Sure it can be done but will also depend on the LTV you're looking for. 12 months cancelled checks and some utitilities in the mom's name will show ownership interest. Used to do these all the time.

Erik · #4 (**permalink**) 07-20-2007, 11:02 AM

Thanks for the help. I don't think my company is approved with Saxon but if it is I'll contact you Sofia.

spoulos · #5 (**permalink**) 07-20-2007, 11:14 AM

Sounds good. If you are interested in becoming an approved broker, please visit the website www.esaxon.com and download a broker package- the process takes about 4 days max. In the meantime you can sign up for a 'Provisional ID' - this process is immediate - and allows you to submit a loan, just cannot doc out until full approval.

Thanks, and have a great day.

Sofia

Erik · #6 (**permalink**) 07-20-2007, 12:40 PM

Cool, thanks.

florida man · #7 (**permalink**) 07-21-2007, 12:26 AM

know of any conforming or alt a lender who would also use this angle?

I got a few people who would have benefited from it.

Erik · #8 (**permalink**) 07-21-2007, 01:08 AM

Supposedly there are... I just talked to someone today who did a conforming deal this way. I'll have to ask her what lender she used.

Gordon Lending · #9 (**permalink**) 07-24-2007, 01:50 PM

Hi Erik,
depending on "normal" parameters ie scores, LTV, DTI and so On. I can treat this as a refi. Let me know if you want me to look at it.
Jim

Erik · #10 (**permalink**) 07-24-2007, 04:17 PM

Thanks Jim. I actually got DU approve/eligible even with a 603 mid and I found UW guidelines that have led me to believe that this is possible with fannie. If it doesn't work out like I think it's going to then I'll be seeing what non-conforming options there are for sure.