Refinance Cosigner Question

[Joshua Fabian]

Greetings!

I plan to help my mother refinance her mortgage to take someone out of the title leaving her as the only title owner. She cannot refinance by herself because her income does not satisfy the necessary debt to equity ratio. If I cosign for this loan and do not include myself on the title. Will this affect my debt to equity ratio and "First time Homeowner Status"? The answers I have heard so far are No, as long as I provide 12 months of proof that my mother is the one making the payments, and I am not on the Title. And the second answer I get is yes, my debt to equity ratio and "First Time Homeowner Status" will be affected regardless of title status. Any help on this matter would be greatly appreciated.

[Nick Belsky]

@Joshua Fabian

If it shows up on your Credit Report, it counts.  Unless you got one heck of a letter of explanation to get it omitted.  Good luck with that.  If she is wanting to simply remove someone, why not do a quit claim deed?  Depending on the state, but non-community states, removing someone from a title can be as easy as paying $200-400, filling out a form, and having it recorded at the local courthouse... Take a few days to get recorded and show up electronically.

Cheers!