Can I put the loan and house on my brothers name? I want to clear my records of having a house?

I want to buy a second house but I already have one which I'm paying on time and is all great, problem is when the loan officer sees my income he will determine I wont be able to pay for it... but I want to rent it





so I was thiking of putting it in the name of my brother both the loan and house, can I do that?





what can I do to improve my chaneces of buying a second house (apartment or multifamily for me to rent out) if I can't tranfer the name to my brother..





sorry I don't know much on real estate.





thanksCan I put the loan and house on my brothers name? I want to clear my records of having a house?
buy meCan I put the loan and house on my brothers name? I want to clear my records of having a house?
He has to actually buy it from you legally before you can pull your name off the mortgage loan...and that will sever your rights to the property unless he is willing to put you on the title, which I cannot imagine anyone doing.
Don't do it. Major tax implications that you don't want to deal with. Your brother will have to pay large taxes when you ';give'; him the property.





Are you sure you can't get a loan based on your income? If you will be renting out the original home, they will consider the rent as income. If you want to rent out the 2nd home, you can perhaps get a private loan based mostly on the income potential of that home (what it can rent for versus what you pay for it).
Buying it under your brother's name may not be bank fraud but it would come close to it. Also your brother would be fully responsible for the debt if you did not make a payment on time. If your brother didn't pay a debt somewhere else in his life (say he was in a horrible accident and injured someone and the court said he had to pay a huge damage settlement) the courts could come and take this house away.





I would not do this if I were you.





I would try and buy it on an honest and above board way.
So you want to fraudulently hide your true debts, correct? Hopefully your brother has better sense.
you will be selling the house to your brother is what you will be doing. The only thing that gives him legal rights so if you two ever have a falling out you may have problems
Well, you don't necesarilly need to do all of the tranfer. You can still buy another home if you want without having to all of that. You will just need to get a loan call staited,staited loan where you don't show your income and you can get it that way as long as you have a good credit score. Doing waht you want to do is not a good idea. There is a way just talk to a loan officer about it.