July 28th, 2019 1:15 PM by Steven Hofberg
This month's question is one I hear often. If you have a client facing a similar scenario as part of their divorce, I would be happy to speak to you or your client. Please feel free to contact me.
Margie Hofberg, PresidentResidential Mortgage Center
Question: I am getting divorced and I really want to keep my house. I am finishing my Master’s degree and will get a better paying job this winter. However, my current income is not enough to qualify to refinance the mortgage. My parents have offered to cosign the loan. Is that possible? Do they have to be on title too?
Answer: Your parents can be non-occupant co-borrowers. Their income and debts are combined with yours and the combination is used for qualifying for a mortgage. They do not have to be added to the title to the house.