My mom is planning on completing a quit claim deed to transfer her interest to me. I have two questions: 1) is it still a requirement to have 1 year of steady employment with one company and 2) would mortgage companies still allow me to refinance if my debt to income ratio is high.
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Quit Claim Deed & Refi Requirements
- Thread starter bjobson
- Start date
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TheGeekess
Keeper of the Kraken
FlyingRon
Senior Member
There are no requirements on your mother issuing a quit claim. She'd be foolish to do so with a loan still in her name. Also depending on the situation there may be other tax and long term care issues that make such a transfer ill-advised. If she is of the medicaid age or intends to continue residing in this house she may wish to talk to someone about this and what she is trying to accomplish (there may be better ways to get the house to you than just outright gifting it).
If she still wants to do that, then she should do the deed at escrow of your refinance.
Whether anybody will finance you given your situation (there's more to it than debt-to-income), we can't tell. You won't know until you start inquiring at lenders.
If she still wants to do that, then she should do the deed at escrow of your refinance.
Whether anybody will finance you given your situation (there's more to it than debt-to-income), we can't tell. You won't know until you start inquiring at lenders.
I have applied for a mortgage through lending tree. They matched me up with Quicken Loans and I spoke with a mortgage broker over the phone. She took down all my info and said that I'm good to go except for the fact that my debt to income ratio is at 54% and it needs to be 45% and under.
As far as my mother's living situation goes, she and everyone else has already moved out and wants me to have the house. I'm the only one living in it.
As far as my mother's living situation goes, she and everyone else has already moved out and wants me to have the house. I'm the only one living in it.
FlyingRon
Senior Member
That doesn't answer the question. You can potentially be screwing your mother as well as greatly increasing your future tax burden.
Well my apologies, but you actually didn't ask a specific question at all. What question are you referring to exactly?