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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

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