These are simple scenarios for getting a non-borrower on title
If you have been in the lending industry for 10 or more years, the “fast & easy” phrase may remind you of the old Countrywide program that ended in 2008. While qualifying may never be as easy as it was with that program, here are 3 scenarios that can help you close your loans.
1. Spouses where only one spouse qualifies, or the loan is easier to close with only one of the spouses. As you know, there are a few reasons why it makes sense to have only one spouse on the loan; debt, credit score, self-employed or employment history. The other spouse qualifies for the loan on their own. Here you want to let your clients know that after close of escrow, the non-borrowing spouse can be added to the title. In the State of Nevada, this is exempt from transfer tax. This allows you to set your clients’ minds at ease while you work to get them into their desired home.
2. An Unmarried Couple who are purchasing a home together and again, only one of the homebuyers qualifies for the loan. In this case, although some transfer tax may have to be paid, there are exemptions which Quick Claim USA are specialists at to reduce your client’s out-of-pocket expense. Your clients who are not planning on getting married may want to investigate Nevada’s Domestic Partnership licensing.
If you are interested in learning more about exemptions and how we can help your clients, let us know. If your clients are family members purchasing a property together, i.e. aunt and niece, grandparent and grandchild or siblings, they may have the same issue with one of the buyers not qualifying for the loan. Although there are no exemptions for these types of relationships, there may be solutions to reduce the transfer tax. We always recommend that our clients talk with their accountant or CPA.
3. Business Partners and a Living Trust are two other circumstances you may run into with your purchasing clients. A Living Trust can be as simple as husband and wife transfers if specific requirements are met. In the case of business partners, this can be the most challenging if the client is looking to avoid repaying the transfer tax. The County in Nevada will determine if transfer tax can be waived. We have been successful in assisting clients of loan officers with these scenarios. Feel free to contact us if you have questions of this nature.
Quick Claim USA has been assisting loan professionals since 2009 to close loans. We are always available to answer any questions you or your clients may have.
Quick Claim USA and their employees are not attorneys in the State of Nevada or in any other State or Jurisdiction. Quick Claim USA is not licensed to give legal advice and may not accept fees for giving legal advice. Should you have questions regarding any of the above items, you must seek the advice of independent legal/tax counsel of your choosing.