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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38205
Experience:  17 years real estate, Realtor. Landlord 26 years
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My Dad left me s home. Bank wants to see if I qualify

Customer Question

My Dad left me his home. Bank wants to see if I qualify for an assumption. I was previously a Director of the Red Cross. Due to my health I had to resign 3 years ago. Can my wife qualify for the assumption also since she is still working? I wanted to refi but I have to wait 6 months after title changes to my name.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

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Has wife been added to the deed as an owner?

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What type of loan is it... a conventional loan, VA loan, FHA, etc.?

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thanks

Barrister

Customer: replied 1 year ago.
No she has not. 30 year conventional. 8.375%, 11 years 5 months left.
Expert:  Barrister replied 1 year ago.

Ok, the bank is not going to make a loan to someone who isn't an owner of the house. So wife would have to be added to the deed as an owner if she is going to apply for a refinance loan to pay off the old loan or any potential assumption. But with interest rates at around 4% for a 30 year fixed, it would make more sense for you to add wife to the deed along with you, and then pursue a refinance of the loan with her being the primary borrower if she could qualify so as to reduce the interest rate. Then if you wanted to make extra payments to pay it off quicker, then you have the flexibility to do so.

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thanks

Barrister