How to refi under my score (current loan is under DW’s score).

[CreditBones]

Greetings y'all!

Two years ago we closed on our house, but because I had not been at my present job for at least 2 years, I did not qualified as main, nor co-signer. So, loan rate was based on DW's score.

My current FICO Mortgage scores are higher than DW's:

DW and I are legally married, but I don't know how to, or even if it's possible to refinance taking my scores as base for the new loan.

Any tips and guidance is greatly appreciated as always!

[Mortgage-Specialist]

You just need to quit claim yourself on title the day before you start the loan. Your L.O. should be able to handle this through whatever title company they're using. Really simple process

[VALoanMaster]

Whis is your DW's mid score?

[CreditBones]

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@VALoanMaster wrote:

Whis is your DW's mid score?

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714.

[Anonymous]

I'm following this thread as i'm curious as well.

My spouse is on the title and mortgage to our primary residence alone. I want to refinance under my name only. We have enough equity to do a FHA 80% cash out. 

I have a pre-approval for a fha mortgage but my current lenders states i would need to be on the title for 12 months before I could refi with a fha cash out. 

Does this sound right? Any assistance/recommendations  are appreciated. 

[Mortgage-Specialist]

You can be on the loan now but your husband would have to remain on the loan too in order to avoid the 12 month seasoning. 

Conventional has a 6 month seasoning rule (for a cash out to be solely in your name)  Unless it's both you and your spouse on it, you can do it now

[CreditBones]

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@Mortgage-Specialist wrote:

You can be on the loan now but your husband would have to remain on the loan too in order to avoid the 12 month seasoning. 

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I am the husband.

Current mortgage loan is under DW (dear wife)'s name and score, because I didn't qualified at that time (June 2019). It's been more than 24 months now.

I have finally been more than 3 years at my current employment position, which allows me to qualify for a loan. However, I do not know how is the process for me to be the "owner" of the [refinance] loan; using my mortgage score (which is higher than my wife's score).

So the questions are: can I apply for a refinance loan when I am not on the original loan itself... or, am I eligible for a loan in order to take over her loan, and have a better interest rate?

[Mortgage-Specialist]

If your currently not on title then you both need to be on this new refi loan in order to get cash out. If you solely want to do the cash with just yourself on the loan you'll need to wait 12 months to do an FHA loan if your not on currently on title. 

[CreditBones]

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@Mortgage-Specialist wrote:

If your currently not on title then you both need to be on this new refi loan in order to get cash out. If you solely want to do the cash with just yourself on the loan you'll need to wait 12 months to do an FHA loan if your not on currently on title. 

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We don't want to cash out. We want to refi the existing balance with a lower interest rate, and a "second" down payment.

The loan was for $200k, we did 3% down ($6k), and the finance ended up being for $194k at a 4% interest rate. The current balance is $186k. We were thinking of refinancing that amount and doing 20% of that as downpayment, with a lower interest with my 770 (Edit: 780) mortgage middle score.

I believe I am on the title, even though I am not on the loan (not sure though).

Maybe I "don't get it" because I have no clue of how mortgages and refinances work, but I am trying to get a grasp of it in order to better our monthly payment.

Thanx for replying! 👍🏼

[Mortgage-Specialist]

You should have no problem at all refinancing