Going through a divorce - can I keep the VA mortgage?

No, for an ex-spouse who is not a veteran, the divorced/separated spouse would not have access to the VA benefit unless there is active participation by the veteran. The veteran would have to agree to be obligated on the VA home loan. If you want the loan in your name you will have to use another type of loan. Like to discuss your options i can be reached toll free 800-485-1387 Ext. 116 or ballen@bankofengland1.com

Sorry but no, the answer previously from Brian is correct. If you have at least 3% equity in the home you may be able to refinance using a different type mortgage but it likely will not be as good terms as a VA. Unless your divorce decree or sep agreement says you have to refinance, your best option will likely be to leave it alone.

If you leave the existing loan in place, then you would be ok, but if you have to refinance to have your spouse removed, then you will not be able to use VA financing since you are not entitled to benefits. FHA on the other hand will allow for refinancing so long as you have about 3% equity, but with FHA, there is both upfront and monthly mortgage insurance required.. and it's very expensive.. Another option would be conventional refinance, but you would need a minimum of 5% equity, and unless there is more than 20% equity, you will be forced to pay MI.. but the premiums are much less than FHA. VA is basically one of the best loan products available right now, so without VA benefits, any available refinance option you choose will only cost you more. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If you and your husband are separating you will have to leave the existing mortgage in place in order to continue to take advantage of the VA benefits. Refinancing under the property under your name alone would mean you would have to find financing other than VA financing.

You will need to refinance into a different loan in order to remove him. First because he is the Vet, but why would HE still want to be obligated on a home he no longer owns/lives in. Most divorces force the person staying in the home to refinance anyway.

The answer is no. You would need to refinance into a new loan.

Hi Jenwilson,Since VA loans are assumable, I would contact the lender and see if you can assume the loan. In my opinion this would be a win/win since you would get to keep the existing loan without spending thousands of dollars in closing costs or have your monthly payment increase and you ex can petition VA to have his entitlement restored. If your current lender doesn't allow assumptions, you'll have to refinance the loan into just your name. | Please feel free to contact me for more information or help. | John Burke | Senior Mortgage Banker | Great Plains National Bank http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states