Going through divorce and refinancing my FHA mortgage

You should probably wait till the divorce is complete.. once its done, you can refinance, and you might want to consider conventional financing. If you have 20% equity or more, then you will not need to pay mortgage insurance, where with FHA, you will pay it regardless of how much equity you have.. regarding your brother, you might be better off with the property in your name only, however if you need his cash to buy out your ex wife, then you might not have a choice.. .. 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

Hello Gary,What you are looking to do is doable assuming you credit qualify (good credit history), however it's best to first consult with your attorney and then also wait to finalize your divorce to make sure all the assets are distributed according to your final divorce decree.Feel free to call or email us and talk with our of our Sr. Mortgage Advisers with any additional question you may have. (310) 348-7878 or info@cresticofunding.com

If your brother is going to occupy the property with you then that would be a great plan. And yes, definitely you may want to consider a conventional mortgage. Every situation is unique and a professional mortgage loan officer should be able to discuss those terms with you.

Gary you have options,how soon are you looking do this,home value, income and credit have to be consideredmy direct line is 707-580-1881Nick Musleh

Hi Gary,As previous posters mentioned, you need to consult with your attorney. They may ok you doing this prior to the divorce being final, but I doubt it would be prudent to do this prior to the property settlement agreement is executed. I have conventional loans that will allow for your brother to co-sign regardless of whether he will live in the property or not. Of course, you and he must meet normal qualification requirements. Let me know if you want or need further advice or information. --- Rob Hanson by email at robhanson@emortgagegroup.com or phone at 240-752-7549. (leave voicemail if I don't pick up so I can get right back to you) Good luck!

Is there a problem with the current mortgage - on the verge of foreclosure or other? If not, and your attorney says it is okay to move forward definitely do it now rather than later when rates are likely to be higher. If the house will have 5% or more equity for the new mortgage a conventional mortgage is preferable for stronger buyers, your payments will likey be lower - but the actual note rate may be slightly higher.

Yes, it's doable but the wife needs to be on board. If she is on title she will need to sign herself off both at closing. If your brother is not going to Occupy the property there at Loan to Value limititations with conventional financing so you need to make sure your lender lets' you know what those are.