Home Buying in New Jersey>Question Details

Sargent, Home Buyer in New Jersey

My wife and I live in New Jersey. The mortgage is in her name only. Is it possible for me to buy the home in my name with a VA loan?

Asked by Sargent, New Jersey Mon Jun 21, 2010

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Hello Sargent: (Thank you Deb Madey)

It is difficut to answer responsibly without more information. Here are a few comments that should be helpful. If you are not on the deed currently you can be added and do a VA refinance if you qualify. VA will refinance 100% of the appraised value of the property. There is no mortgage insurance involved, just a VA Funding Fee which can be financed over and above the mortgage amount. The funding fee varies based on if you have used it before, the equity position and terms of service. You do need to qualify and you must have an acceptable FICO Score. Do you have your Certificate of Eligibility? If not you will need your DD214's or a statement of service. If you are in the Reserves or Naitonal Guard you will need 6 years of honorable service. VA loans are a great opportunity! I encourage you to check it out! I am available if you have any questions or concerns about VA mortagages.
0 votes Thank Flag Link Mon Jun 21, 2010
Sargent,

Can a veteran get a VA loan to pay off the mortgage or other liens of record on his or
her home?
Yes. The following refinancing loans are available under the VA-guaranteed home loan program:
•
To pay off the mortgage and/or other liens of record on the home. In most cases, the loan may not exceed 90 percent of the reasonable value of the property as determined by an appraisal, plus the funding fee, if required. The loan may include funds for any purpose which is acceptable to the lender, plus closing costs, including a reasonable number of discount points. A veteran must have available home loan entitlement. An existing loan on a manufactured home (except as noted below) may not be refinanced with a VA-guaranteed loan.
•
To refinance an existing VA loan to obtain a lower interest rate. Use of additional loan entitlement is not required. The loan amount is limited to the balance of the old loan plus the closing costs, discount points, funding fee, and up to $6,000 in energy efficient improvements. An existing VA loan on a manufactured home may be refinanced to obtain a lower interest rate.
0 votes Thank Flag Link Mon Jun 21, 2010
in NEW JERSEY IT IS POSSIBLE FOR YOUR WIFE TO BE ON THE MORTGAGE BUT IF YOU WERE MARRIED AT THE TIME OF PURCHASE YOU WOULD HAVE BEEN PLACED ON THE NOTE IF YOU ARE ON THE DEED. IF THIS IS THE CASE THAN THIS MAYBE CONSIDERED A REFY. bUT IF YOU ARE NOT ON THE DEED AND THE NOTE IT WOULD NOT BE CONSIDERED AN ARMS LENGTH TRANSACTION YOU MAY WANT TO CONTACT A LENDER AND OR ATTORNEY

TIM ROBBINS
BROKER ASSOCIATE

BETTER HOMES REALTY
0 votes Thank Flag Link Mon Jun 21, 2010
I think Deborah is right. Furthermore, in NJ, if you are married, you both own the home and as such, you cannot buy it.
0 votes Thank Flag Link Mon Jun 21, 2010
If your name is also on the deed, and you have owned the property for a while, it may be considered a re-fi. I understand that the mortgage is in your wife's name only, but how is the deed held? Referring you to Suzanne Hoffman who has extensive experience in this area. Will ask her to respond here online.
0 votes Thank Flag Link Mon Jun 21, 2010
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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