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can i have a daughter on the warranty deed and mortgage docs, but not the promissary note on a usda home loan in florida?

by dssparkles2010430 from Apopka, Florida. Mar 13th 2017 Reply


David Ortega (DavidOrtega)
#55 ranked lender in Minnesota - 225 contributions

Yes, you are allowed to have her on the title to the property so she has ownership interest but, not on the mortgage note. USDA does not allow "non-occupant co-borrowers" so being on the loan would not be acceptable if she were not in the property but, being on title for estate planning purposes should work.

Mar 13th 2017
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They say USDA is different in Florida than Minnesota. They are saying it is NOT allowed here. Its a USDA loan why would it be different....its the government loan.

Mar 13th 2017
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David Ortega (DavidOrtega)
#55 ranked lender in Minnesota - 225 contributions

I'm located in Minnesota; I have loan officers in Celebration, FL. We're very familiar with USDA. Who are "they"? I'm reviewing the USDA manual and I do not see any verbiage disallowing what you are explaining. You are referencing terminology that is in relation to "community property states" but, neither Minnesota or Florida follow these rules. I'd let one of my loan officers take a look at it. Won't hurt...Danny Otterbacher would be a great fit for you and can be reached at dotterbacher@satorimortgage.com or 321-236-6022.

Mar 13th 2017
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"They" the financial company doing the papers for a purchase of a new construction home for me...my daughter has told me I need this document in case something Ihappens to me, to save them from having to go to probate...its confusing to me...I have gone back and forth with this. The same daughter works parttime for a title company here in florida and they do this all the time...

Mar 13th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

A very important thing to understand is not all Loan Officers are equal. Some are very experienced, and know exactly where to look up any odd ball loan requirements. Others are glorified application takers who say and do all sorts of dumb things. Bottom line, even if you have issues at the time of closing of putting her in title, you can add anyone at anytime to the title of a property, so don't freak out, and just do it after closing.

Mar 15th 2017
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