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FHA Streamline for Divorce Situation?

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Question: I have a client that is getting divorced. $330,000 value on a $380,000 loan in florida. Husband wants to keep the house but does not have resources to pay down the loan. Can an fha streamline accomodate this given that wife wants to come off the loan and title? Note that the husband has good credit and more then enough income to handle on his own.

Answer: A credit-qualifying streamline refinance is possible as long as the husband qualifies on his own since it sounds like the wife is currently on title and being removed. However, if the divorce requires the husband to buy out the wife’s equity and pay her off in order for her to vacate title, a streamline won’t provide any cash out for him to do so.


Filed under: Credit, LOan Tagged: cash out, credit issues, Divorce, fha, fha condo bay area changes, home, Silicon Valley, streamline

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