Divorce refinance


Divorce refinance - Many times when a couple want to get a divorce there may be a marital property that will need to be sold or refinanced. To refinance a property the person keeping the property will need to apply for a new mortgage. At the closing the person removing their name from the mortgage must sign off the old mortgage and title. Before the closing the title company will prepare  new deed.

The new deed will only have the name of the person remaining with the property.

Remove your name

Before the divorce is finial a refinance will allow you to remove your name from the title, mortgage and note. Since the property is in both names both the person keeping the property and the person who wants to remove their name will have to sign the new documents.

The person keeping the property will sign a new deed, a new mortgage and a new note. The person removing their name will sign a claimer saying they have no rights to the property.

If your divorce has been finalized you will need a copy of your divorce decree.

For a divorce refinance you will need the following:

  • One months pay stub
  • Last two years tax returns with W2's
  • Last two months bank statements
  • Copy of your driver's license
  • Copy of your recent mortgage statement
  • Copy of your homeowner's hazard insurance

If your divorce has not been finalized the person being removed from the mortgage must sign off.

The person keeping the property will have to apply for a mortgage. A two year work history is usually required. A debt to income ratio of less than 55% will be accepted.

Conventional or FHA

Since the person keeping the property will need to apply for a mortgage on their own both Fannie Mae or FHA will allow you to refinance.

If your credit scores are low a FHA loan would probably be a better choice. If your credit score are higher then a conventional loan would probably be a better choice.

Since January 20, 2010 most lenders require a minimum credit score of 640 to qualify for a mortgage. FHA requires a minimum credit score of 580 to refinance up to 97.50%.

Fannie Mae will let you refinance with a 620 credit score and allow a loan-to-value of up to 125%.

Before or after a divorce

Divorce refinance - Before or after a divorce really does not matterIf you need or want to refinance before your divorce that's fine.

If you want to refinance after your divorce we will need your divorce decree.

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Minimum Credit Score Needed

to Refinance

Apply Now!

FHA

Requires a minimum credit score of 500 to refinance

FHA minimum

credit score 500

VA

Requires a minimum credit score of 500 to refinance

VA minimum

credit score 500

Fannie Mae

Requires a minimum credit score of 620 to refinance

Fannie Mae minimum

credit score 620

Freddie Mac

Requires a minimum credit score of 620 to refinance

Freddie Mac minimum

credit score 620

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