if you and your wife have enough income to support the new mortgage, your better off applying as husband and wife without the son.. The only reason you would want your son on the mortgage if you needed his income to qualify.. It would also make it easier for your son to purchase his own home when he does move out.. WilliamAcres.com

If you can qualify without your son which it sounds like you can then there would be no reason to have him on it. Less paperwork and hassle.

You are your wife will qualify just fine together as long as you don't have too much revolving or installment debt. When you call me we can vs. a FHA loan against a conventional loan with mortgage insurance to see which mortgage will be less expensive. You can reach me directly at 206-462-1295. We are a local lender!! Talk to you soon!

It definitely sounds like you can qualify without using your sons income.Also, since I work for a direct lender, we have some in house programs taht can get you finance without monthly mortgage insurance, even abvove 80% loan to value.Please call me at 425-773-3100 to discuss your options.Rich

Doesnt really sound like you need your sons income. Jsut do the loan in your and your wifes name.

I agree with the answers provided but here is the real reason you would want to keep your son off the loan. As a first time home buyer, there are special programs that require little to no money down. If your son signs on this loan, it may disqualify him for those programs. Something to think about. Ron Pippin

Let me explain something that is related to your situation...the subject of a mortgage & note. All house purchases have a mortgage and note. When you 3 go in together on the house... all 3 are on the mortgage and the note. If you do a quit claim, that will release your son from the mortgage but not the note. The mortgage = ownership and the note = IOU. I doubt and I've never heard of a lender releasing a member of the note from the responsibility of the note...unless they refinance. You certainly don't want to go that time and expense, when you could have left him off in the first place. Many people think that a quit claim wipes you off the house deal and that is not true. Ed Boyd, Absolute Mortgage Bellevue WA

If you and your wife can qualify without your son that would be best. It looks like this has already been answered. I'm happy to help and am local if that matters to you. Feel free to contact me if I can be of further assistance. Good luck with your purchase!Paul

In answer to your last question regarding the quit claim. Taking him off of the title will create a "taxable event". I believe at that time you would need to pay excise tax on the remaining balance. Please check this out as it could result in an additional expense I am sure you were not expecting, probably in the neighborhood of $6000.00.

There are really only a couple of reasons you would want to enter into the transaction with your son on the note and title. You do not qualify without his income; Having him on title is an intregal part of your estate planning and /or it is your intent for him to remain in the home down theroad and he wants to be able to keep the great financing in place and not have to payoff the lender upon transfer of title. The potential problems you est yourself up for are many. If your son loses a lawsuit, you could be forced to sell your home to release his equity to satisfy the judgement. If he moves out and wants to buy a home of his own, the new lender is going to count the mortgage payment on your home as part of his debt, possibly denying him the chance. If he quit claims his equity to you, he may be subject to gift taxes or other tax liabilities. I would recommend that you contact a local mortgage Banker/Broker and figure out if you and your wife qualify without your son. If you can, this would be the route I would recommend.