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anunez
166 Posts |
 Posted - 04/29/2008 : 10:05:09 AM
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here is the scenerio
loan amount $370,000
ltv 95%
owner occupied
rate and term
condo
California
full doc
fico 660
F.H.A
The question is this. The uncle sighned the home for his niece. The uncle is the only one on the loan but the the niece and him are both on title. Now with F.H.A can she refinance the property and get her uncle completely out of the transcaction? Meaning she will be the only one on the new loan and title? |
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MisterVA
5805 Posts |
Posted - 04/29/2008 : 10:11:04 AM
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| You cannot streamline it. It will need to be credit qualifying. |
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iristatoogirl
8 Posts |
Posted - 04/29/2008 : 10:16:01 AM
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| yes, if she is on title, she can refi in only her name and remove him from title. They will most likely want to see the mortgage history for that property so a credit report from the uncle or mtg history will be required. If uncle was late in past 12 mths, you will probably have problems, if not dead in the water. Check your loan limit for that county however. $370k could be too high of a limit to go FHA. |
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