Can we really transfer Dad's Rocket Mortgage Transferable VA loan to a non-military relative?
My elderly (90-year old) father was randomly contacted by a Quicken Loan salesperson several years ago. The sales rep convinced my dad to refinance. I got in the middle of the negotiations and agreed ONLY after informing the rep that my father was a Navy vet and probably qualified for a VA loan. He was, and signed the loan docs at 2.75%, Transferable.
Fast forward six years and Quicken Loans became Rocket Mortgage. A few years later Dad passed away and the family decided to keep the house. My niece moved in and took over payments. We never informed RM because we didn't know if my nieces not-so-great credit score would be a problem.
So here we are 3 years after Dad passed. My niece has a good job, good income and really likes everything about the house except, she's not claiming the mortgage interest payments when she files income taxes, because the loan is still in my father's name.
Would it raise any red flags at Rocket Mortgage to actually transfer the mortgage? My niece has no military experience and wouldn't qualify for the VA rate if it wasn't transferable, and I don't want to recommend she do anything that would sour the current situation.