- I am recently divorced. I need to take my ex-husband off the mortgage. How do I do this? You would refinance your home. Do you need to pay any of the equity to your ex-husband. If so, this would be a cash-out refinance. The amount of equity available for distribution would be determined by the appraisal.
- We are interested in purchasing a home. My wife's credit score is not up to par, but I think we need her income to purchase. What can we do? First we need to pull credit to see if we meet the required credit scores for any of our programs, then we work from there. If we do not meet the mark, we need to see what can be done to increase score in the short term. If it would take too long to improve score, we then would think about a non-occupying co-borrower or co-signor. I am always happy to provide options.
- I would like to refinance my current home, I would like to take some equity out for home improvements. Interestingly enough, I do not have a credit score. The bank I use for my mortgage does not report to credit. What are my options? Well, believe it or not, we do have a program for such a situation. If you have credit and it is closed, we would need to review to see if derogatory and how long ago. The file does have to out to our investor for underwriting, so the process may be longer than usual.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients. Please remember, I am licensed in Virginia, North Carolina and Florida.
Jennifer Keenan, Sr Mortgage Consultant, NMLS# 101837
Tidewater Home Funding, 757-272-4199