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Discussion Starter · #1 ·
Ok so I want to buy a house but I dont make enough money so the folks are going to help me out. My old man says he wants to co-sign for me and be on the mortgage but not have his name on the house title. Anyone know if this can be done?
 

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Ok so I want to buy a house but I dont make enough money so the folks are going to help me out. My old man says he wants to co-sign for me and be on the mortgage but not have his name on the house title. Anyone know if this can be done?
They have to go on title, but you can Grant Deed them off right after it closes.
 

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Ok so I want to buy a house but I dont make enough money so the folks are going to help me out. My old man says he wants to co-sign for me and be on the mortgage but not have his name on the house title. Anyone know if this can be done?
IMO- this is a bad idea for your dad, your dad should think about co-signing a mortgage and not have his name on the deed. He would be held liable for the loan, but unable to access the property.
Your dad is co-obligated. If you stop paying on the house loan they will look to your dad for payment and he lost all of his legal options with the house when he removed his name from the deed.
You could try a FHA loan with little down, this may work for you. FHA-insured loans have a low 3.5% downpayment and the money can come from a family member, employer or charitable organization as a gift.
Best of luck.
 

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IMO- this is a bad idea for your dad, your dad should think about co-signing a mortgage and not have his name on the deed. He would be held liable for the loan, but unable to access the property.
Your dad is co-obligated. If you stop paying on the house loan they will look to your dad for payment and he lost all of his legal options with the house when he removed his name from the deed.
You could try a FHA loan with little down, this may work for you. FHA-insured loans have a low 3.5% downpayment and the money can come from a family member, employer or charitable organization as a gift.
Best of luck.
And to add that CalHA CHDAP is back and can get 3% from the state for the down so all you need is 0.5% down.
 

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Ok so I want to buy a house but I dont make enough money so the folks are going to help me out. My old man says he wants to co-sign for me and be on the mortgage but not have his name on the house title. Anyone know if this can be done?
-- Not trying to be rash, but the saying "buy what you can afford" comes to my mind. If the folks are willing to cover a % of the monthly nut, more power to you. Has a mortgage company already denied your financing for debt ratios? If so what were the ratios? You can PM them to me. I can get approvals up to 56.99% backend, or higher with a manual underwrite. As far as the folks on Title, yes if there on the note they're on the deed, no benefit to have them removed.

Is that fairly easy to do or will obama and his executioners at the IRS rape me nine ways from sunday?
-- Again not trying to be rash. But WTF are you talking about? I understand your not in the finance biz but what would make you think that the current administration would rake you over the coals? Over a title vesting!

I can help answer your ?'s but home ownership does take certain level of maturity.
 

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Discussion Starter · #8 · (Edited)
-- Not trying to be rash, but the saying "buy what you can afford" comes to my mind. If the folks are willing to cover a % of the monthly nut, more power to you. Has a mortgage company already denied your financing for debt ratios? If so what were the ratios? You can PM them to me. I can get approvals up to 56.99% backend, or higher with a manual underwrite. As far as the folks on Title, yes if there on the note they're on the deed, no benefit to have them removed.
I agree. I asked them what it the point of not being on the deed...but he said he didn't want to be, dont know??? I cant afford a place here in CA. Im maybe good to get approved for 115k which still buys you shit in LA county. I have a steady job, I should be getting a raise next year, and I plan on taking on renters. Now is the time to buy thats why they're going to help me with the down and the monthly.



-- Again not trying to be rash. But WTF are you talking about? I understand your not in the finance biz but what would make you think that the current administration would rake you over the coals? Over a title vesting!

I can help answer your ?'s but home ownership does take certain level of maturity.
I pay an extra two bucks for a pack of smokes, I pay almost a dime for every dollar I spend, Capital gains taxes, Cant get my raise because of corporate taxes, Ill even get taxed for dying. THATs WTF im talking about. Yes I dont know much about finance but is it really out of left field if I would assume that there would be a tax penelty for transfers of deeds??? Im sorry if you and your sickle and hammer were caught off guard but it was a legitimate question formed with a political spin. I do however appreciate the advise but ,not to be rash, Ill take any further advise from someone that doesn't have a condescending undertone and a shit head attitude.
 

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I agree. I asked them what it the point of not being on the deed...but he said he didn't want to be, dont know??? I cant afford a place here in CA. Im maybe good to get approved for 115k which still buys you shit in LA county. I have a steady job, I should be getting a raise next year, and I plan on taking on renters. Now is the time to buy thats why they're going to help me with the down and the monthly.
So what price range will you be able ot get into with dad's help?
 

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-- I can get approvals up to 56.99% backend, or higher with a manual underwrite.
What? If you go for a manual underwrite, they must stay within guidelines of 38/41 ratios. You can only get loans with that high of a back end ratio through an automated system, DU or LP. And, btw you can get up to 58% with compensating factors. Maybe even higher, but I've never seen it.

They have to go on title, but you can Grant Deed them off right after it closes.
It's called a quitclaim deed, not a grand deed, and yes the escrow officer can prepare it, but I would be a little careful about it. Technically changing title can cause the note to be called. You will usually only see that happen with smaller portfolio banks, nevertheless it can happen anytime.
 

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Discussion Starter · #13 ·
So what price range will you be able ot get into with dad's help?
He's got enough credit to get plenty but we'll be looking for something in the 220-260 range. Maybe more or less depending if something good comes up. Im going to be looking from monrovia to La verne and down to whittier probably. I work in Santa Fe Springs so I dont want to have to commute 2 hours everyday there and back.
 

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Ok so I want to buy a house but I dont make enough money so the folks are going to help me out. My old man says he wants to co-sign for me and be on the mortgage but not have his name on the house title. Anyone know if this can be done?
Your father does not have to be on title if he signs the note
 

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I agree. I asked them what it the point of not being on the deed...but he said he didn't want to be, dont know??? I cant afford a place here in CA. Im maybe good to get approved for 115k which still buys you shit in LA county. I have a steady job, I should be getting a raise next year, and I plan on taking on renters. Now is the time to buy thats why they're going to help me with the down and the monthly.

I agree with the timing. You are fortunate that your folks would take on that extra liability (refering to payment) to help secure a future for you.




I pay an extra two bucks for a pack of smokes, I pay almost a dime for every dollar I spend, Capital gains taxes, Cant get my raise because of corporate taxes, Ill even get taxed for dying. THATs WTF im talking about. Yes I dont know much about finance but is it really out of left field if I would assume that there would be a tax penelty for transfers of deeds??? Im sorry if you and your sickle and hammer were caught off guard but it was a legitimate question formed with a political spin. I do however appreciate the advise but ,not to be rash, Ill take any further advise from someone that doesn't have a condescending undertone and a shit head attitude.
I too pay the extra $2 per pack, the same dime out of every $$. I also have had to pay an AMT (alternative minimum tax) for several years. Capital Gains taxes dont apply to you, YET! Your absent pay raise because of Corporate taxes, makes no sence, but I'll take your word for that one. And you wont be taxed for dying, but your heirs will, and there are ways to limit that. And yes I dont think you can even see left field for asking that question. I assume you have bought cars and boats, and didn't get raped for transfering title. You did however have to pay Mr Taxman. Your political spin backfired, any over taxation you may have assumed would have been put in place by the former administration. Just so you understand fully where Im coming from; I did not vote for this administration either. I did know that the political party would change though, but history told me that. I also did not vote for the former administration; but you never saw me come out here and tell everybody they should F*ck BUSH not Vote for it! Condescending undertone? = Constructive Criticism. Shit head attitude? = Truth hurts
Good luck with the house hunt, nothing else is so exciting, stressful and rewarding.
 

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Discussion Starter · #16 ·
I too pay the extra $2 per pack, the same dime out of every $$. I also have had to pay an AMT (alternative minimum tax) for several years. Capital Gains taxes dont apply to you, YET! Your absent pay raise because of Corporate taxes, makes no sence, but I'll take your word for that one. And you wont be taxed for dying, but your heirs will, and there are ways to limit that. And yes I dont think you can even see left field for asking that question. I assume you have bought cars and boats, and didn't get raped for transfering title. You did however have to pay Mr Taxman. Your political spin backfired, any over taxation you may have assumed would have been put in place by the former administration. Just so you understand fully where Im coming from; I did not vote for this administration either. I did know that the political party would change though, but history told me that. I also did not vote for the former administration; but you never saw me come out here and tell everybody they should F*ck BUSH not Vote for it! Condescending undertone? = Constructive Criticism. Shit head attitude? = Truth hurts
Good luck with the house hunt, nothing else is so exciting, stressful and rewarding.
As you should know that capital Gains tax and corporate tax do affect me as they do everyone. We had to lay off 40 percent of our billable labor force because we do not have the money to pay our employees partly because of these taxes, which yes, Obama plans to increase. After all that do you think Im going to get the raise that was promised to me. And yes you're right my Heirs will be taxed when I die...with the money that I would have earned. Paying several hundred dollars to transfer my boat IS getting raped...so is the doubled registration fee on my truck. I am not happy about the Taxes I had to Pay with BUSH and I'm definitely not happy about the Taxes I will have to pay with Obama. Taxes follow us during our everyday life and are around every corner...to ASK if there was a penalty for transfering title is a completely rational question for those of us not in the know and for you to infer that I am not mature enough to own a house because I made an Obama joke that hurt your little feelings is plain rude. Everyone else on here is being helpful and giving me good answers to my questions without being a c*cksucker about it. You should take a lesson from them and try to treat people with respect...Dick
 
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