Refinance options

[Jamison Haussman]

HI all, just had a question about some refinance options. I currently own a home that my mother is living in, and while she's covering most of the mortgage my interest rate is very high (nearly 5%) due to a mistake on my credit report at the time of purchase.

I'm currently living in Hawaii but moving overseas in a few short weeks (the home is owned FHA as a secondary residence) and with a credit rating in the high 700's I'd definitely like a lower rate.

Anyone have any clever recommendations? Any advice is greatly appreciated, thank you.

[Chris Mason]

Originally posted by @Jamison Haussman:

Hi @Chris Mason thanks for the help. She wasn't working at the time but is now working full time for the past 6 months, maybe better to just see if she can qualify?

She is just paying most of the mortgage and insurance, but I haven't been claiming it as "income". I have an accountant here and I  mentioned the situation but now I'm worried that Im supposed to be claiming that amount?

 Nope, not going to beat you up about your taxes (in THIS thread!) for not being 100% honest with the IRS.

Actually I have some good news. Fun little guideline that don't use all that often, but that I love.

Borrower Types	Requirements for Owner-Occupancy

If the parent is unable to work or does not have sufficient income to qualify for a mortgage on his or her own, the child [THAT'S YOU, JAMISON] is considered the owner/occupant.

[...]

Yup, you read that correctly. Owner occupant mortgage guidelines, rates, etc, will apply just as if you lived there, no mortgage fraud required.

Guess who has laxer LTV requirements and gets a way sexier interest rate than any real estate investor ever gets at a cost of no points because I shared a mortgage guideline with them on BP?

That's right buddy-o, YOU DO! Grats.

Go call around until someone familiar with that guideline, that works for a company with no overlays to it, in the state where your mom lives, picks up the phone.