My partner works in Boston and can;t get a mortgae loan In New Jersey, I am on social security and we pre approved for loan but His name is XXXXX XXXXX current deed to the house we are seeling, If he add me to the deed am I able to purchase the loan or does his name needs to be remoed from deed completely
Hello,.Let me see if I understand what is going on here....Partner has a house in Boston that he is selling. .He has attempted to get a loan in NJ for a new house, but has been denied for some reason..You are wanting to know if you are added to the new house as a purchaser, will this help in getting a loan for the new house?.Please correct me if I am wrong on the above comments..
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Actually partner works in Boston and intends to work in Boston for two more years our loan officer said that he cant apply for a morgage as long as he continue to work in Boston. Now the lender pre appoved loan for only me but my name is XXXXX XXXXX the deed, in order for me to get the loan in New Jersey do I add my name to the current deed with my partner or remove his name? I am retired and although I live in Boston since I am not working I can apply for loan
Ok, if he is prevented from getting a loan in NJ due to his residency in Boston, then if you are added to the deed then the lender can make you the primary borrower and base any loan on you with him simply being a cosigner on the loan. That way they are looking primarily at you as the borrower. But if he has bad credit or other negatives on his credit report, it might be best to simply remove him entirely from the transaction. Once the purchase is complete, he can always be added to the deed later..
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