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Question about removing a co-signer

Hi everyone, I wanted to ask a question about an issue I have with my sister's property to see if you can give me an advice. 

The issue is my sister bought a house in NJ and since her salary was't eligible my uncle served as a co-signer. Now my uncle want's to get out of the (papers, dead, etc). I called the bank (Wells Fargo) and they said my sister can Refinance or do an Assumption and add me as a co-signer.

I read on the internet that if you are working on the field you went to college for, have a good salary, you don't need to have 2 years of employment history. That I will just need a 30 day pay-stub and copy of my job offer letter plus transcripts from my college. 

Is this correct, or I won't be eligible.?
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October 28 2013 - Cliffside Park
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October 28 2013
Jason,
On Friday I just closed an FHA Streamline Refinance and took the father off the mortgage and deed, since they had cosigned to help their son 5 years ago.  They were quite surprised that he qualified by himself since his income was also under $40,000.  I can't guarantee anything but if you want to contact me through my profile, please call and we can walk through it. Best of Luck to you. Ed Fallon
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October 28 2013
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Oh Wow, :( nevertheless thanks for all the help and good advice everyone gave me here. I really appreciate it. 
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October 28 2013

Because your removing your uncle true she would need to qualify as a rate and term refinance.  You guys are in a tough spot. 

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October 28 2013
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I asked the lender if my sister was able to be herself, but he said her salary is low ~ 40k year. 
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October 28 2013
Being on the job for one month could be an issue as you have a 3 year employment gap.  Had you filled taxes as self employed it could have been easier but since you did not it looks like they will want to at least one year stability. 

I wonder if you sister applied on her own doing a streamline would allow her to take the uncle off the loan?  usually your current servicer should be able to do this.
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October 28 2013
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Is an FHA , and I have been 1 Month now on the full time job.
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October 28 2013

What type of loan does your sister have now?  Is it a conventional loan or an FHA?

How long have you been at your full time employment?

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October 28 2013
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Yes I live in the house with my sister, the only issue I will see is that I graduated in 2010. Since then I was just learning on my own about marketing and online strategies, and working as a freelancer (not enough money to filed taxes).

It was this year that I decided to start working on the field I study, with an amazing good salary. Wouldn't me being unemployed for 2-3 years make it harder, even though it wasn't because I couldn't find a job. My current salary is 115K yearly (Full Time)
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October 28 2013
If the realtor told you there is no such things as assumptions they are 100% incorrect.  I have assited with these multiple times. 
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October 28 2013
You are able to refinance with your sister.  Are you living in the house?  What type of loan does your sister have?  
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October 28 2013

Some loans allow for assumptions and some loans do not.  If the current servicer says that you can do an assumption (Wells I presume), then it must be the type of loan that allows this.  You are correct about not needing two years employment history if coming out of college and working in your field of study. 
Other than that they will look at your credit history.

Good Luck!

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October 28 2013
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I did contact a realtor and he said there is nothing such as "ASSUMPTIONS" while the bank on the other side says this is the best option. 

Then he says I will need 6 months of working history on my current job plus...Income Tax
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October 28 2013
Typically, if you get a job in the same field you went to college for, 30 days of paystubs will suffice. Some companies actually only require 1 paystub. You should be ok. You may want to think about your future though. When you are on her mortgage, this will count against YOUR debt ratio when you go to buy a home.
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October 28 2013
This is correct.  We could handle this as a refinance in you & your sisters name.  We would establish that you are currently working in the field that you went to college for. 

Best fo luck!  Feel free to reach out to me through my profile.
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October 28 2013
Call a lender to ask these questions.  It doesn't cost anything in the beginning.
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October 28 2013
 
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