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Can I purchase a home if my name is on my parents' mortgage?

My parents make 100% of the payments on the home. Can I switch out my name on the mortgage if needed? by morena32186 from Copeland, Florida. Jul 27th 2017 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

More info needed, but in general, if your name is on your parents mortgage, then typically, if you show the parents have made the payment on their own, from their own account (not a joint account with you) for the past 12 or more months, then typically, we can remove the payment form your debt to income ratio. Also, if you earn enough qualifying income to support both your parents payment and your new housing payment along with all your other obligations, then you would be fine regardless of who makes the payments.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Jul 27th 2017
Carlos Eliseo (carlos_186_486)
#148 ranked lender in Florida - 17 contributions

You can buy a home with your name on your parents mortgage. The servicer for the current mortgage may not want to remove your name from the mortgage liability (not typical) with a refinance in your parents name, but you can confirm that your parents are making the payments by showing the most recent 12 on time payments with cancelled checks or their bank statements. The UW for your new loan may disregard the mortgage payment liability from your debt to income ratio. Thank you, Carlos Eliseo at Fidelity Funding Mortgage Corp. 561-252-1552.

Jul 28th 2017
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