Divorce with no lawyer home mortgage question

[teamscon]

What is the name of your state (only U.S. law)? North Carolina

Hello everyone. Wife and I baught a home last year, and we can no longer get along. Its an FHA VA loan. Me (The hubby) used my VA loan for our home. Were trying to do this with no lawyer as neither of us have the money for lawyers, and were not fighting really at all .. We have just accepted it. Her son is envolved ... Im not his dad and have not adopted him.
Im going to talk to the bank tomorrow (wells fargo) about how we can do this but I am VERY nervous as I dont want to loose my home and just biting at the bit to find out some info.

Question: If they say I cannot borrow the amount of money needed to refinance the home, would I be able to count renting out a room as im going to anyways once shes gone and I know im going to be able to keep the home. I would guess that the answer is yes considering people who rent out homes can count their profit from them as income.

Look forward to hearing from you guys. Any other suggestions would be greatful as im just at a loose of words. Divorce = Very sad, but excited to start my new venture in life honestly

 

[Silverplum]

I can't speak to the mortgage stuff, but I assure you that her son is NOT involved. He's not yours, not your legal problem. You owe her nothing regarding her child. You owe her child nothing.

 

[LdiJ]

What is the name of your state (only U.S. law)? North Carolina

Hello everyone. Wife and I baught a home last year, and we can no longer get along. Its an FHA VA loan. Me (The hubby) used my VA loan for our home. Were trying to do this with no lawyer as neither of us have the money for lawyers, and were not fighting really at all .. We have just accepted it. Her son is envolved ... Im not his dad and have not adopted him.
Im going to talk to the bank tomorrow (wells fargo) about how we can do this but I am VERY nervous as I dont want to loose my home and just biting at the bit to find out some info.

Question: If they say I cannot borrow the amount of money needed to refinance the home, would I be able to count renting out a room as im going to anyways once shes gone and I know im going to be able to keep the home. I would guess that the answer is yes considering people who rent out homes can count their profit from them as income.

Look forward to hearing from you guys. Any other suggestions would be greatful as im just at a loose of words. Divorce = Very sad, but excited to start my new venture in life honestly

Are you both on the mortgage?..if you are, that is going to be the major hurdle. There is no way that you could refinance this early into the mortgage unless you put a huge down payment on the home, and that is the only way to get her off the mortgage.

 

[latigo]

What is the name of your state (only U.S. law)? North Carolina

Hello everyone. Wife and I baught a home last year, and we can no longer get along. Its an FHA VA loan. Me (The hubby) used my VA loan for our home. Were trying to do this with no lawyer as neither of us have the money for lawyers, and were not fighting really at all .. We have just accepted it. Her son is envolved ... Im not his dad and have not adopted him.
Im going to talk to the bank tomorrow (wells fargo) about how we can do this but I am VERY nervous as I dont want to loose my home and just biting at the bit to find out some info.

Question: If they say I cannot borrow the amount of money needed to refinance the home, would I be able to count renting out a room as im going to anyways once shes gone and I know im going to be able to keep the home. I would guess that the answer is yes considering people who rent out homes can count their profit from them as income.

Look forward to hearing from you guys. Any other suggestions would be greatful as im just at a loose of words. Divorce = Very sad, but excited to start my new venture in life honestly

Sorry, but your “loose words” leaves one at loose ends. Meaning that your post is not intelligible enough to understand (for me anyhow) what your preferences are with respect to the disposition of the home. Much less your wife’s wishes and intentions.

Perhaps if you could clarify the following wording from your post it would give a reader a better understanding.

(If I cannot refinance). . would I be able to count renting out a room as im going to anyways once shes gone and I know im going to be able to keep the home.

Thank you

 

[teamscon]

Sorry, but your “loose words” leaves one at loose ends. Meaning that your post is not intelligible enough to understand (for me anyhow) what your preferences are with respect to the disposition of the home. Much less your wife’s wishes and intentions.

Perhaps if you could clarify the following wording from your post it would give a reader a better understanding.



Thank you

Sorry about that. I was asking: If I planned to rent a room in the house to someone else, could I count that as INCOME when I try to refinance and get her name off the loan? Im a ex military guy .. So please excuse my "intelligible" post lol.

 

[HUD-1]

Looks like they will count it if it is a multi-unit home (not renting just a room):

Verification: Multi-Unit Property Securing the VA Loan
Verify:

• cash reserves totaling at least 6 months mortgage payments (principal, interest, taxes, and insurance - PITI), and
• documentation of the applicant’s prior experience managing rental units or other background involving both property maintenance and rental.

Analysis: Multi-Unit Property Securing the VA Loan
Include the prospective rental income in effective income only if:

• evidence indicates the applicant has a reasonable likelihood of success as a landlord, and
• cash reserves totaling at least 6 months mortgage payments are available.

The amount of rental income to include in effective income is based on 75 percent of:

• verified prior rent collected on the units (existing property), or
• the appraiser’s opinion of the property’s fair monthly rental (proposed construction).