I need to get a house financed in my name?

Ernesto
I am currently in a house in which i have a contract with the Mortgage holder that states, I will have the house financed in my name within 5 years, over which time period I have paid her 10 thousand dollars. I am having trouble getting financed with my credit. Is there any way I can have the house refinanced in my name, using a quit claim deed, or with the contract that we have signed between us. The bank I was working with to refinance, said I would have to have the quit claim deed recorded with the courts for at least 12 months before they would be able to help me, but I've been here in the house just about 5 years now. I know there has to be a way for us to do this. she has her money she wanted, the 10 thousand, and isn't looking for anything else out of the deal, just to be out of the contract. there is 28 thousand still owed on the house, thats what I need to refinance, maybe a little more. Property was appraised at 60 thousand

Bryanna
Hello, Your not out of luck yet...You just haven't gone to the right mortgage company...Wha ti stress to all of my clients is that every lender in America has different guidelines in which they lend money.. Some lenders strictly lend to conforming borrowers..(good credit, low LTV)Other lenders only work in the sub-prime market, or low credit with high LTV'S, OR DTI ratio..Now what i always suggest is that you work with someone that has access to multiple investors or lenders. For instance i work with Providential Bancorp. We are partneres with over 50 lenders, all specializing in different things..There are a couple reasons i suggest that:1. If a loan officer can shop your loan to multiple lenders they are bound to find one or more willing tho lend to you. By looking at multiple options and programs you will be sure to find the lowest costs and rates...2. If you on your own call multiple banks to see what you qualify for, EACH AND EVERY LENDER will HAVE to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you..So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer do it for you..The most important thing to realize is that I as the loan officer with multiple investors to work with, am fully willing to keep shopping to different companies to find the best program for your needs. My name is Jason Fry, and I am a licensed loan officer with Providential Bancorp, a nationwide mortgage lender. I'd be happy to assist you in refinancing, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you. Feel free to give me a call at 312-264-6448, or you can email me at Jasonf@providential.com.Thank You, Jason FryProvidential Bancorp 312-264-6448

Elvin
check website below, I might be able to help you

Ngoc
I just had this exact same problem with a client I was working with. I am happy to report she will be signing all the documents to the home she will now own on Tuesday.It can be done, but its very tricky. I HAD to use a hard money lender for 6 months (loan lock time) just because of the credit score. Any credit score under 550 is very hard for lenders to take. Her interest rate was at 10/25%, so keep that in mind. Also she cant miss one payment or the lender takes over the home immediately. Read the contract stipulations carefully. She will get to write off most of the fees off in April on her taxes thankfully.If you have an agreement or contract with the original home owner, with proof of the $10k you paid already, and can show proof that you have been paying the mortgage amount each month, (prepare to show at least 1 current years worth of payments, cancelled checks, etc)and have NO LATES, then you can do it. This shows proof of your ability to pay.However, we had to do it as a purchase loan, get the property appraised to prove the amount being lended is covered in property value, and then have the gifted equity if any, signed over from the current owner to you. You will have a tax on that gifted equity by the way, so see a tax preparer in your state for details there. I can set you up with a great guy that did my family's loan if you need it, he is in CA.Hope this helps, and hopefully you can find someone locally to help, if not..let me know where you are and I will see if my guy is licensed for your state.You may also want to look for independant investors to help you as well. Start with family or friends willing to invest in you and the new home. They can quit claim deed off later.Best of Luck

Ardath
You an go down to the tax assessor office and get placed on the deed. Than you make the mortgage payments for a year. Keep all records of the checks being cashed by the lender. Also make sure you have utilities in your name as well. This is just another way to show that you can make the payments on time to the lender. Its a cheaper way than taking hard money. Since they will charge you 3pts from the lender and than probably 2pts from the broker for a total of 5% coming out of your pocket. So unless you have 15k for the refinance I think my way might be easier to swallow. Good luck with your choice and if you have any other questions please email.