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How to refinance a property under me currently owned by a relative

I have a property that I had to purchase under a relative's name. It has been owned for about 20 months and I have been making all the mortgage payments directly to the bank. But now I'd like to get it transferred under my name. Is there an easy way to do this?
  • May 11 - Los Angeles
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Answers (7)

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No, I'm not on the title, but proving that I'm making the payments is a non issue. It's setup on auto and the funds are withdrawn from my bank account automatically. Also, I take the full mortgage deduction on my taxes. The current mortgage is a 5/1 non-FHA loan and I'm looking to refinance to a 30 year fixed, also non-FHA. The LTV should be < 80%. This raises a new question. If for any reason I'm unable to refinance and have to do a new loan as a purchase, the purchase price will be the current loan amount, which will be at least 20% less than the market value. Would I benefit at all in regards to property taxes from this? If so, this would offset the increase in my new mortgage payment, as my current rate is 3.375%.

Thanks.
  • May 12
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Are you on the title of your home? Also, you may need to prove your last 12 months payment. These are just some requirements you may encounter as you obtain a refinance. Although, a refinance would be the best route in order to put your name on the mortgage and to remove your uncle's name. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • May 12
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More info would be needed to properly answer your question, but in general, if you use FHA (subject to FHA maximum loan limits), so long as you have been on title/deed to the property for at least the last 12 months, and you can prove that the payments have been made by you out of an individual account (not joint account), then you can apply for an FHA refinance.. under the FHA program, you can finance up to 97.75% loan to value.  You will still have to meet all the other FHA gidelines regarding minimum credit score, income, job time, debt to income ratios, Etc, etc, etc.. but there is a way to do it eventually.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona.  If you or someone you know is looking for financing options, feel free to contact me or pass along my information.  William J. Acres
  • May 12
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If you can provide 12 months cancelled checks to document that you have been making the payments you should be OK. Your name can be added to the title now, while you're working on the refinance, if you have not already done so.  There may be some transfer taxes involved. Feel free to contact me if you would like to discuss the specifics of your situation.

Best regards,
Elva
  • May 12
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If you have been vested on title and can demonstrate that you have been making the payments directly from your own bank account, you should satisfy the continuity of obligation requirements. You really should contact a Mortgage Professional to discuss all of the details of your situation so that you can get an accurate assessment of where you currently are to get this accomplished. There is a lot more information needed to give you a definitive answer. In addition, you want to go over your specific information regarding other aspects of qualifying. If you have any additional questions or need further help, my contact information is on my Profile. All the best to you!
  • May 12
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Although Mr. Sterlings assessment is correct, you will still have to display 12 months of statements. If your name is not on title or the mortgage does not show up on your credit report, you must be able to prove the last 12 months of payment. For more information, please click my profile, I would be happy to help in any way I can.
  • May 12
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Yes is your name on the deed/ Title, If so all you have to do is apply for refinance with a Lender as myself. If your name is not on the documents then it would be treated as a purchase or you will need to do a quit claim deed then refinance. I can be reach via my profile for FREE no obligation consultation.
  • May 12
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