if i include my income with my son in order for him to refinace do i have to live withhim. this would be a conventioal loan

No definite not.

No you do not with some lenders. A number of conventional loans require it but others do not. We provide the loan with allowing a non-owner occupant, preferably family such as yourself. I would be more than happy to qualify your son and yourself for our loan and provide detailed rate/costs. We can refinance at no closing costs but it is good to compare no points, low costs with no closing costs to determine which is the best savings. You can contact me via my profile here or via www.graylending.com which has a link to the mortgage bank I am with.

Hello Maggie Thank you for reaching out and you would not have to live with you son to help him qualify for a refinance. Please contact me if you have any questions or would like to look at the rates and terms that I can offer. We have some the lowest rates and fees around. you can contact me at 909-873-8777 to get a quote. I don't need to run your credit just need a recent mortgage statement and a short conversation.

Maggie,Actually, unless you are currently on Title with your Son, being added to a new loan via refinance in order to use your income would not be acceptable. If you are not on Title, there is no Continuity of Obligation. You would need to have been on Title for a minimum of 6 months to facilitate a Rate and Term Refinance with your Son, or 12 months if you were looking to pull cash out. Please feel free to call me on my Toll Free number with any other questions at 877-262-4050.Sincerely,Kirk

No.. There are lenders who allow for a "non-occupying" co-borrower.. Old guidelines did have "Continuity of Obligation" clauses as Kirk stated, but as of February this year, that guideline has been eliminated completely.. (see SEL-2016-02), this industry and it's guidelines are ever changing and it's moving fast, so what was not acceptable last month, might be acceptable next month, and vise versa... That being said, lenders can add additional guidelines above what conventional calls for.. it's these "overlay's" that makes lending rules different, one lender to another.. this is why I always suggest you contact a mortgage broker vs. a bank.. Brokers deal with multiple lenders *(I have 21), with each one offering a different set of lending guidelines.. the more lenders, the more lending options and the greater likelihood your loan scenario will be accepted. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347