mom refi & add me to title

[philthis]

undefinedWhat is the name of your state? CALIFORNIA
(pls excuse my lack of knowledge, i may not word it properly)
My mom bought the house in question 5 yrs ago, she planned on living by herself so my dad signed a quit claim. But things changed and dad sold the old house to be with her. Then she realized it wasn't big enough for the 2 of them and bought another one together. She offered it to me for $105000. I moved in 2003 and have been paying the mortgage payments to my mom.
The balance owed on the home is appx $84000 and its value=appx $200,000-220,000. Wanted refi for $120,000 and I would have $ for closing, repairs & she can take xtra cash to pay off her home.
She is trying to get the house in my name, just in case something were to happen to her. She was worried that if her name was still on title and she passed away that the house would be included in her assets, therefore taken from me & some family members have been saying similar things.


I can't qualify for the loan solely ( income+fico 525); & last option (fiance possibly VA loan?His income prequalified for loan 144,000.00 (no cr+small credit issues) so what do u recommend?
What is best/proper way to go? (easiest/fastest)

1. Refi, add me to title,(deed) then she quit claim?
How soon after the refi can she quit claim?
2. Is there a way just to put my name on while refi, since she's qualifying the loan.
3. Or should she get a loan with me included.** (lowering her fico). *raising % rate, taxes, etc .
4. Try the VA

5. We've been told so many different things.. we're confused. one company says "they would run it thru like she's still living there (thats ok; cause I'm family member)
& others say No Way, since she doesn't live in it, loan is more costly.
She doesn't want to do anything illegal.
If its possible this would take alot more time ......
Someone also said she could add our names at the title office and then we pay the mortgage company directly and after 6 mos. show proof of payment and request that her name be removed and we assume the loan. Then we could go ahead and refi and give her cash out.


I even offered to take an adjustable rate that would be easier to get ourselves but she doesnt want us stuck in something thats not good for us as well
*******She's a great Mom!!. ***********

Please advise, ASAP!!!!

[HomeGuru]

Originally Posted by philthis

undefinedWhat is the name of your state? CALIFORNIA
(pls excuse my lack of knowledge, i may not word it properly)
My mom bought the house in question 5 yrs ago, she planned on living by herself so my dad signed a quit claim. But things changed and dad sold the old house to be with her. Then she realized it wasn't big enough for the 2 of them and bought another one together. She offered it to me for $105000. I moved in 2003 and have been paying the mortgage payments to my mom.
The balance owed on the home is appx $84000 and its value=appx $200,000-220,000. Wanted refi for $120,000 and I would have $ for closing, repairs & she can take xtra cash to pay off her home.
She is trying to get the house in my name, just in case something were to happen to her. She was worried that if her name was still on title and she passed away that the house would be included in her assets, therefore taken from me & some family members have been saying similar things.


I can't qualify for the loan solely ( income+fico 525); & last option (fiance possibly VA loan?His income prequalified for loan 144,000.00 (no cr+small credit issues) so what do u recommend?
What is best/proper way to go? (easiest/fastest)

1. Refi, add me to title,(deed) then she quit claim?
How soon after the refi can she quit claim?
2. Is there a way just to put my name on while refi, since she's qualifying the loan.
3. Or should she get a loan with me included.** (lowering her fico). *raising % rate, taxes, etc .
4. Try the VA

5. We've been told so many different things.. we're confused. one company says "they would run it thru like she's still living there (thats ok; cause I'm family member)
& others say No Way, since she doesn't live in it, loan is more costly.
She doesn't want to do anything illegal.
If its possible this would take alot more time ......
Someone also said she could add our names at the title office and then we pay the mortgage company directly and after 6 mos. show proof of payment and request that her name be removed and we assume the loan. Then we could go ahead and refi and give her cash out.


I even offered to take an adjustable rate that would be easier to get ourselves but she doesnt want us stuck in something thats not good for us as well
*******She's a great Mom!!. ***********

Please advise, ASAP!!!!

**A: talk to a mortgage broker.