ex off of Mortgage



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Answer #1

That’s tough because as you know banks don’t love that type of income. I would speak to your current lender and see what they can do. Don’t give out all your information away at once, call them and tell them what you want to do about removing your ex and see what they say the process is. I would also while they are talking to you if the loan is owned by Fannie or Freddie. Hope this helps at least get you started.

Thanks,
Brent Mendelson
1st Mariner Mortgage
nmls#111407

Answers Answered By: Brent Mendelson Level Rating133points
Answer #2

Unfortunately you will most probably continue to have the same issue getting a traditional lender to allow you to use the “boarder Income” unless you can show that the boarders are there as in-home care providers for a disabled family member. See the following guideline taken from the eFanniemae.com seller guide for 2012:
“When a borrower with disabilities receives rental income from a live-in personal assistant,
whether or not that individual is a relative of the borrower, the rental payments can be
considered as acceptable stable income, in an amount up to 30% of the total gross income
that is used to qualify the borrower for the mortgage. Personal assistants typically are paid by
Medicaid Waiver funds and include room and board, from which rental payments are made to
the borrower.”
Hope this is helpful.
Eric Strasser NMLSR#111971

Answers Answered By: Eric-Strasser Level Ratingpoints
Answer #3

Hi Jodie, most lenders will let you simply take your ex off your mortgage if you can show that you qualify for the mortgage on your own. You don’t have to refinance to do this if the lender agrees to this process.

If you want to refinance to get better financing terms you should be able to do this as well. We will count rental income on your primary residence. Not all lenders will do this however.

Please contact me if you have any questions.
Skip Kittleson
TD Bank
NMLS# 658891
o. 301-801-6709
c. 301-252-7924
skip.kittleson@td.com

Answers Answered By: Skip Kittleson Level Ratingpoints
Answer #4

If I am understanding your question correctly and you are trying to remove your ex and do not have the income from employment to qualify, you can only use rental income if you can prove a 24 month history as a landlord. This would also have to be proven via receipt of your 2010 and 2011 1040’s. depending on the loan you are trying to go into, you might also need to prove that you have at a minimum 25% equity in the property.

Let me know if you would like to discuss this further. I hope this helps.

All the best,

Michael Parsons
Chairman, Apex Home Loans, Inc.
NMLS#13403

Answers Answered By: Michael Parsons Level Ratingpoints

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