topic Re: Name on Another Home - DTI in Mortgage Loans

Name on Another Home - DTI

BSBRose21 — Fri, 22 May 2020 01:57:31 GMT

I am working towards a mortgage with my husband. A few years ago, my Father put my name on his house for estate purposes. Now it is backfiring because they are including the taxes and insurance in my DTI ratio.

If I remove my name, are they able to change the DTI ratio or do I need to go through a different lender entirely?

Re: Name on Another Home - DTI

JVille — Fri, 22 May 2020 04:19:56 GMT

If you aren't on the mortgage how would any one ever know about this? Are you writing off something in your taxes? Did you claim ownership on your loan application?????

Without your telling someone your parents added you to the title there is no way they would ever know!

Next lender keep mum about this!

Re: Name on Another Home - DTI

Mortgage-Specialist — Fri, 22 May 2020 13:08:52 GMT

I've encountered this multiple times. I had the borrower quit claim themselves off of title so that the (other property) debt would be excluded from the debt ratio. This should work w your current lender but always verify w them just in case

Re: Name on Another Home - DTI

BSBRose21 — Fri, 22 May 2020 13:47:45 GMT

I'm hoping our lender is fine with it. I did sit down with a lawyer to start the process, but I'm just hoping this lender will be fine with it. I really don't want to to start the whole process over again.

Re: Name on Another Home - DTI

JVille — Fri, 22 May 2020 14:40:17 GMT

Once again how does your lender even know? Did you claim this property as your asset? Do you write off property tax in your tax returns?

Re: Name on Another Home - DTI

BSBRose21 — Fri, 22 May 2020 15:05:44 GMT

The lender knows because I told them. We sold our house last year and are living with my Father until we close on the next house.

Re: Name on Another Home - DTI

JVille — Fri, 22 May 2020 15:11:52 GMT

Unfortunately there was no reason to do that. Particularly as the was done for estate purposes. Can I just say you do not need an attorney to draw up a Quit Claim, you can do it yourself and go down and record it.