A Spousal Buyout Mortgage Loans allow you to refinance your current home up to 95 percent of the current market value. You are then able to use the money to pay out your current partner for the equity in the home you will owe them. It also allows you to remove them from the mortgage and to protect your interest in the principal residence in the future.
Here is what is required for Spousal Buyout Mortgages
• You have to have enough income to qualify for the loan on your own
• The mortgage amount can not be more than 95 percent of the home value
• You must have a separation agreement
• You need a purchase agreement between the two parties
• You cannot borrow more money than is necessary to satisfy the separation agreement.
• Both parties on the separation agreement must be on the current title to the home.
• An appraisal of the home must be completed.
Any questions, feel free to contact me anytime