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Keane
468 Posts |
 Posted - 09/06/2007 : 2:40:57 PM
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I have a client who wants to refinnace. He and a partner bought the house 6 months ago. Both are on title, but the partner is the only one on loan. My borrower has paid all the payments. We want to refinance ONLY under the borrower who is not on the loan but on title making payments.
Who can do this? I know many lenders will with 12 months seasoning. |
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liverichly
6079 Posts |
Posted - 09/06/2007 : 2:42:34 PM
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| CitiMortgage will, call your rep on how to structure the deal... they might want the borrower on title prior to the application being made. |
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gregvflores
649 Posts |
Posted - 09/06/2007 : 2:54:02 PM
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They may also require 12 months cancelled checks for seasoning, as opposed to 6 months, but this may be OK somewhere.
However, you may have an issue with the way this was purchased, if the person making payments is the only one occupying the property and the loan was done "owner-occupied" under the partner with the qualifying credit who is on the loan. I am noticing a reluctancy by lenders to allow loans like this where occupancy was misrepresented earlier, and this used to not be such a big deal.
This is not an investment property they bought, is it? I guess not, because they would not want to get one of the partners off the loan, unless he just wants out. |
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Keane
468 Posts |
Posted - 09/06/2007 : 3:00:42 PM
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| I don't know how the original purchase was done, but it's definitely non-owner. |
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actionjackson
1289 Posts |
Posted - 09/06/2007 : 7:04:19 PM
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we do no seasoning but I need more info
Jason J. Miles
Cornerstone Bancor Mortgage Corp
631-225-7096/1-866-WE-LEND-U
800-538-0794E-FAX
631-991-1665CELL
jason@cmbank.net
www.cmbank.net |
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lenderep
2704 Posts |
Posted - 09/07/2007 : 05:38:50 AM
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We can do this with the cancelled checks from the borrower....I would need some more clarification though.
bgary@bayrock.com |
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APEXNY123
33 Posts |
Posted - 09/07/2007 : 06:41:23 AM
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| Try First Franklin, they only need 6 months last I checked. |
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