Posted on: 29th Mar, 2009 05:16 am
My husband wants out of our marriage because he is having an affair. We bought a house one year ago based on my good credit score of 796 and his credit score of 655 but we used his access to a VA loan and now when I get letters from the mortgage company they are in his name. I know we are both on the deed however. He says he will sign a quit claim and I can keep the house but we have an underwater mortgage down by about 20K in one year because of the market. I would feel more comfortable with it in my name even with the debt. But I can't get a new mortgage in this current situation. I may qualify but I know it's going to cost me more than I want to pay. And with the VA loan I don't pay mortgage insurance. It's a good house for the long haul.
I can afford the payment. Will the VA mortgage be transferrable to just my name with his quit claim?
I can afford the payment. Will the VA mortgage be transferrable to just my name with his quit claim?
Hi NorthByNW,
You cannot transfer the VA loan to your name. You need to have your husband's name listed on the loan to avail its benefits. That is why you had to use his name to qualify for the loan inspite of having a good credit of 796. You will have to get it refianced in your name to remove him from the VA loan.
You cannot transfer the VA loan to your name. You need to have your husband's name listed on the loan to avail its benefits. That is why you had to use his name to qualify for the loan inspite of having a good credit of 796. You will have to get it refianced in your name to remove him from the VA loan.