The short answer is no. The best thing to do is to see if you are eligible to cash her out with a new first trust deed fixed rate re-finance. First, this is cheaper credit in the long term. Second the term of the loan is structured so you don't have suddenly increased payments starting your tenth or 15th year with that you would have with the HELOC. Third, if your current loan was created before May 2009, you may be eligible for several government programs which will turn a blind eye to some loan qualification issues. With an FHA loan, you could use a co-signer. If we can do this without an FHA loan, then you would not need a co-signer and your life would be much easier in the longer term.
Please give me a call at 408-639-0211 to discuss how these may be applied to your situation. We would need to discuss your financial particulars, which are bestnot to disclose on such a public forum as Trulia.
Most banks and credit unions do not allow non-occupant co-borrowers on HELOC's. Credit unions tend to have more liberal underwriting guidelines for HELOC's, so I suggest you call Patelco or KeyPoint Credit Union.
Elva A. Wormley
Office (408) 615-8500
C2 Financial Corporation
2845 Moorpark Avenue, Suite 209
San Jose, CA 95128
The borrower must be on title for a minimum of 12 months before being considered an owner.
You can, however, purchase the property from your sister.
She can gift you a portion of the equity (20% down) and you can take out the loan for the rest of her payout.
Purchase price: $300k
Max loan: $240k
Need a loan for $100k to buy out siste already owe $140k.
New loan amount $140 to include $140k payoff and $100k buy out.
I can clarify this for you.
Shoot me an email firstname.lastname@example.org we can discuss over phone or in person.
I am located in Fremont.
I do not know of any banks that will accept a co borrower who is not also on title.
However if you are willing to accept money (at a higher interest rate) from a private lender, a third party who is willing to guarantee the loan although they are not on title might be able to help you get financing that you could not get otherwise.
Charles Butterfield MBA
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Email Address: email@example.com