Quitclaim deed to remove a co-signer on mortgage
Hello bigger pockets community!
My name is Logan and I'm from Atlanta. I am well on my way to purchasing my first house, which I will househack. I am one year into my first sales job, so commission is not counted as my income. I want my father to cosign on the loan so I can get into a house that fits my plan (200-230k). With my 24k salary, I am only approved for around 130.
My father is reluctant and I can't say I blame him. Even that I have roommates lined up and my actual income is around 90k per year, consigning on this loan still carries a risk... especially in the u.s. In these present times.
One option that has been presented to me is to cosign, and then change the deed to a quitclaim in which my father would be dropped from the mortgage.
Doesn't a quitclaim deed carry no warranty? Does anyone have experience with a situation like this? What are some other alternatives?