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Can a child be added to a mortgage if they are paying the mortgage, utilities, insurance etc?

Sons credits is good -above 640-income is shy for the home, but he will have roommates. He doesn't qualify for a mortgage. He will be paying all mortgage, utilities, insurance etc. which is cheaper than renting. As parents we bought the home & are on the title, how can we ensure he gets credit for monthly payments of the home ,so when it it time for him to refinance in his name, he has that credit behind him? Do we quit claim it?. We live in Tennessee; have no worries or issues with him paying monthly; we know he can handle the monthly payments with his roommate (who has a written agreed upon rental agreement); & we know he will be making more income within the next few years. Need advice on him ensuring he is listed as a homeowner while making theses payments by MB.AKIN845 from , California. Oct 21st 2020 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

Sorry, but no. You cannot add someone to an existing mortgage. This will also prevent him from earning any credit bureau benefit from making the payments, because he is not the borrower. To get him on the loan so he is the primary responsible party, you will need to refinance, and he would have to qualify. There are conventional and FHA loans that allow for a non-occupant borrower. Essentially, you would act as a co-signer for your son. The lender looks at both of your Credit, Income and expenses, in the similar way they would look at the credit, income and expenses of a married couple. If between you the two of you, your Debt-to-Income ratio meets the criteria and you each possess at least the minimum credit score for the program, approval with your son as the primary borrower could work. I'm Licensed in California, so give me a call. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in Arizona, California, Georgia, Oregon, and Washington. Need help in other states? We've got you covered. NEXA Mortgage is licensed in 46 states ~ 480-889-9000.

Oct 21st 2020
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