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    PiaffePony Posts: 3, Reputation: 1
    New Member

    Sep 27, 2017, 08:27 AM
    Cash Out Refinance Opinions
    I'm divorced and got to keep my farm. I'm also self employed. My parents sold their house to move in with me to help me keep the farm (ex and I purchased it from them and want to keep it in the family.)

    My parents and I are all now on the deed and we are ready to start the refinancing process to get the loan out of my Ex's name. We had originally planned for only them to be on the new mortgage because of myself employment status. I spoke with a mortgage broker who said that my parents need to be on the deed for 6 months before applying for the cash out refinance loan.

    My ex and I purchased the home from my parents 3 years ago, and they owned the property 15 years prior. We have approx. $260,000 (50%) equity. Is she correct that we need to wait 6 months? Should I apply for the loan with them? I've been in business 9 years and showed a measly $26,000 profit last year. My credit is decent (690-700) because my credit age dropped significantly when my ex removed me from our credit cards.

    If I do apply for the loan with them, will we be able to do the cash out refi now since I've been on the deed longer?

    I would like to take out $50,000 to pay $18,000 in credit card debt. $14,000 to pay off my truck, $8,000 IRS, and the rest to make property improvements. This would free up an additional $1500 a month. When they process the loan request will they factor in my new debt to income ratio if they were to approve it? God I hope so.. it would remove 98% of my problems and anxiety and significantly improve my business.

    Any tips or advice to see this plan through?

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    PiaffePony's Avatar
    PiaffePony Posts: 3, Reputation: 1
    New Member

    Sep 29, 2017, 11:21 AM

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