Husband is on a refinance with his mother can we get our own mortgage?

Hi Jane. There are several options available to you. If you leave your husband on the loan with his mother, that mortgage payment may have to be attributed to him UNLESS he can prove that his mother is the one making the payments. We could also see if we can refinance the loan solely into the mothers name and remove your husband from the mortgage obligation. Freedom Mortgage is a Direct Lender and we fund loans in all 50 states. Please send me an email at adennie@fmbranch.com to discuss your options. Thank you.

I would strongly recommend to get your husband off the mortgage of his mother's house if possible. Having additional mortgage on the credit will increase document requirements and tighten qualifying debt-to-income ratios (as your income must suffice to cover mortgages/taxes/insurance or both properties). As to PMI: There are programs that allow you to go with LPMI - when your lender pays mortgage insurance for you in exchange for a higher rate. Generally you can put as low as 5% down for such programs. There are also portfolio investors out there who initially don't have PMI on their products. You can also consider getting 2 loans - one @ 80% of the purchase price and then take a purchase money second via local bank for the remaining balance. We only finance in IL, but if you happen to be here - I'll be happy to help. Thanks.

Jane,If you guys can refinance the mother's property without using your husband's name and income, you should do it regardless, it will release your husband from any future liability on that property, but if that is not an option and your husband's income/credit is needed to complete the refinance then you need to provide more information to see how much loan you will be qualified for.As for the Mortgage Insurance, it depends on the type of program and property and you must be qualified for, there are few different options such USDA and VA mortgages that do not have any kind of mortgage insurance but you and the property must qualify for the program.Please feel free to contact us for more informationHoutan HormozianHoutan.Hormozian@Crestico.com949 242 5215