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. Great Southern Homes

    Nov 01, 17 03:23 PM

    Great Southern Homes, the biggest Home Builders in South Carolina and a renowned voice in new home constructions. ____________________________________________________________

    Read More

  2. Ann Carr Real Estate

    Nov 01, 17 03:19 PM

    Whether you’re a long-time resident, moving to or moving away from the Abilene, TX area, I hope we can work together to simplify the home buying and

    Read More

  3. South Carolina Real Estate Agents

    Nov 01, 17 03:08 PM

    Looking for South Carolina Real Estate Agents? Find the best SC Real Estate Agents and Brokers listed here in this FREE directory.

    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