Click To View Links

Mortgage assumption



Hi

I have been divorced and have been paying the mortgage for a year and a half now.

The deed of the home is in my name but my ex husband's name is still on the mortgage loan. I would like to remove his name and am concerned I would have hard time getting approved based on my sole proprietorship and fairly new company.

My credit scores are excellent.

What are my options?

Thanks,
AG.

=====ANSWERS=====

Hello AG,

Thank you for coming by my website and asking your question.

With excellent credit scores, 4-5 years ago you would have no problem at all getting your home refinanced.

However, since you're self employed (like I am) it is very hard these days to get a home loan.

Lenders want to see documentation of income. As a new business, you may not have as much income they want to see.

The "No Document" loan would have been an ideal loan product for you. Right now I do not know of any lenders out there that offer this any more.

However, if you do have income to show, FHA does work with self-employed borrowers. They normally use a DTI of 29/42. So 29% of your gross monthly income would go for the mortgage payment. This would have to include: PITI (principal, interest, taxes, insurance).

I wish I had better news for you. The only way to get your ex-husband off your mortgage is to refinance.

Best Regards,

Jeff

Click here to post comments

Return to Mortgage Questions.

New Jersey Grants

Click on Image to Learn More

South Carolina Grants

Click on Image to Learn More

Recent Articles

  1. FHA Lending Guidelines

    Jun 10, 17 02:58 PM

    According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…

    Read More

  2. FHA Title 1 Loan Explained

    Jun 08, 17 08:15 PM

    Are you interested in the FHA Title 1 Loan program and wonder where to find a lender who works with this program? Others have wondered the same thing, find the answers on this page.

    Read More

  3. FHA Help

    May 26, 17 03:14 PM

    Would you like some FHA help? Perhaps you are wondering if it is wise to add a significant other to the mortgage? Or why a mortgage company would ask you to go conventional instead of FHA? Find answer…

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter