Can I transfer my home loan to my son and he can refinance through the military sources?

22 Answers

Relevance
  • 1 month ago

    why aren't you asking a bank?

    • Login to reply the answers
  • ron h
    Lv 7
    1 month ago

    Are you talking about selling the house to him with him arranging some special financing?  He should talk to his lender about buying your house.  If he's NOT going  to live in it, he MIGHT pay a slightly higher rate for a rental property.  His lender can tell him about that--I have no idea if they'd see a relative renting any differently than a stranger.  I dunno.

    • Login to reply the answers
  • Anonymous
    1 month ago

    If he wants,he can do all big else thin,s.

    • Login to reply the answers
  • Anonymous
    1 month ago

    What stupid questions to ask us!  Are we MIND-READERS?  Do you really expect us to know whether your loan is transferable?  Seriously!  And how the heck can we know whether he qualifies for refinancing?  Some questions are not suitable for YA.  Your two fall into that category.  You ought to know that there is no way any of us can possibly know the answers.

    • Login to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • 1 month ago

    In the US, mortgages are not transferable except in some cases where heirs are allowed to take over mortgages from deceased family members, or if you are a veteran with a VA mortgage, which can be assumed with lender approval. Your son could use his VA eligibility to assume your loan, as long as he is financially qualified.

    Or, you can sell him the home for enough, after all costs are paid, to pay off your loan. He would get a new mortgage to do this, not a refinance.

    But before you do this, consult a qualified tax expert. If you sell your son the home for a below-market price, it could be a taxable event for you or your son, either now or at a later time.

    • Login to reply the answers
  • Anonymous
    1 month ago

    He has to qualify for the mortgage. A VA guaranteed Loan requires him to actually live there for at least 2 years. There is no guarantee it will be a lower mortgage rate 

    • ...Show all comments
    • NWIP
      Lv 7
      1 month agoReport

      That city can always be his home of record but if not stationed there and actually living in the residence he would not qualify for a VA guaranteed mortgage. They have specific requirements for a reason. 

    • Login to reply the answers
  • Anonymous
    1 month ago

    No.....he can buy your house and do that.😉

    • Login to reply the answers
  • Eva
    Lv 7
    1 month ago

    He can't refi a home he doesn't own.

    • Login to reply the answers
  • Judy
    Lv 7
    1 month ago

    You can't transfer your loan, but he can buy the house from you and finance it.

    • Login to reply the answers
  • 1 month ago

    Your son can get a loan and buy the house off you. They are not going to give him a loan unless he owns the house.

    • Login to reply the answers
Still have questions? Get your answers by asking now.