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Typically the only way to add a borrower to a loan is to refinance in both names. If you bought the home last year, your value may have dropped since, and that could be an issue depending on the type of loan you have. You might start by having your ex call the current loan servicer and ask them if he is eligible for a streamline and whether you could be added at that time. The other alternative would be to wait the 18 months so he’s covered on the tax credit, and then refinance solely into your name, depending of course on how you both decide to split the equity (if any) in the home.
My ex fiance and i bought a house together last year. He has the mortgage in his name however we are both on the deed. We bought the house during the first time buyer tax credit so he needs to stay on the mortgage for another 18 months. I now want to put my name on the mortgage. Or buy him out. How do i go about putting my name on it, what type of cost am i looking at?
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