I also do not know if myself or my wife used my/her VA Loan when we bought the house. I attempted to go through Bank of America and proceed with a Simple Assumption to no avail as my wife's credit was not good enough to get teh house put into her name. However, after speaking to a member in my unit he said to go through the VA itself? What is required in order to do this, as I cannot proceed with anything financially (i.e. new car or loans) until this house is off my Credit Report. by raptor23 from North Las Vegas, Nevada. Apr 23rd 2013
Unfortunately, if you both signed the original note and deed of trust, then unless she has sufficient credit and income to support the mortgage obligation on her own, you will not be able to remove your self from the loan unless the home is sold, refinanced or paid off.. it really doesn't matter who's benefits were used to purchase the home. VA does allow assumptions however they are fully qualifying assumptions, so as I stated earlier, she has to qualify on her own in order to accomplish that.... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Yes, she will need to refinance or sell the home to get you removed. She can assume the loan but she does need to qualify. Even though she was denied at one place does not necessarily mean she can't do it somewhere else. Contact a Lender411 loan officer and talk to them about your situation.
Raptor23, First, look at the mortgage note or your mortgage statement. That will tell you who is responsible (who's name it's in). Sounds like you may both be on it, so if you give me the address, I can find out who's entitlement was used (can you remember who completed the DD214?).If both of you are on the note, you may be able to do a VA IRRL (Interest Rate Reduction Loan) that does not require an appraisal or credit approval.We can chat further by contacting me at 775 338-6915. I have and continue to work with active duty and veterans, and am certified by USA Cares as a Military Housing Specialist.
Most likely the only way is for her to refinance... But talk to a local mortgage broker for more information. www.VA-IRRRL-Loan-MN.com
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