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Can I get a home loan with 10% down if my name is not on another home loan?

My boyfriend and I have had a loan together for a home.  He is now refinancing and I am signing a quit claim deed.  Can I now get a home loan without having to come up with the down payment as if it is a vacation or rental property?
  • September 20 2012 - Phoenix
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Answers (4)

@Tim- In this scenario where she is on 100 deeds would all of these properties be exempt from taxes and insurance? 
  • September 20 2012
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Profile picture for wetdawgs
Once your name is off the mortgage, you should be able to qualify for another mortgage on your own qualifications.  However, you will need a down payment for a vacation or rental property.  Aim for 20% down  payment (which is higher than if it is your primary residence).

Don't sign the quit claim deed until you are confident that his loan is approved, otherwise, you may not be on the deed but will still be on the mortgage.


  • September 20 2012
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Profile picture for user805905
Thanks a lot!
  • September 20 2012
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You will need to be off the mortgage, which the refi should be able to do, and it doesn't make much difference about the deed. You could be on 100 deeds because that along does not obligate you to pay a mortgage, therefor no debt. One you are debt free speak to a lender to see if you qualify for a loan.

Tim
  • September 20 2012
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