Looking to buy a house next year, but may have a glitch

[tlbwriter]

Short of having him refinance on his own, are there any alternatives to get it off my credit report or convince a lender that it's not my house anymore so it shouldn't count against me?

No, because saying it "shouldn't count against you" is not true. If your husband can't pay the mortgage, you will be responsible, so it must count against you. But $9K is a pretty small amount - that would be like having a car loan. You may be able to qualify anyway.

 

[Bren's Mom]

Also, with only $9k owing on the house...it would be absolutely financially insane to refinance regardless of the circumstances!

 

[HamTown]

I think the main issue here is the USDA loan program. I'd have to go back and look at the regulations, but I'm pretty sure USDA is for a primary residence only. Therefore, if she was already on the mortgage/deed for one house, she would not qualify for USDA on a new one.

 

[RitaE]

Also, with only $9k owing on the house...it would be absolutely financially insane to refinance regardless of the circumstances!

Exactly. It'd make more sense to put the couple thousand in fees on the refinance toward paying off the mortgage and getting it over with. With only $9k left on that existing mortgage the best option is probably to accelerate those payments and get it paid off, and then go buy your house.

 

[starry_solo]

1. Can your husband afford to pay off the loan now without re-financing (as it is "only" 9K?
2. Do NOT ever deed the property to him without having your name off the mortgage.
3. Check with the loan officer; as long as the home is no longer your primary home, you should be able to qualify for a loan (as long as your credit is good, etc.).