Q: I am getting divorced and my husband is signing the house over to me with the condition that I refinance it immediately.

My credit score is very good (around 750) but presently my only income is my disability annuity. Starting in February, I’ll also have my spousal support.

I would benefit from being able to take some cash out when I refinance. My home is appraised for about $250,000 and we owe $145,000 on the mortgage.

Do you think it possible for me to refinance based on my credit score? And, if I can refinance, what is the best way to go? I know I’m not going to stay in the house for more than a year or so.

A: Having good credit is a great thing. However, it doesn’t compensate for not having enough income to make the payments on the loan.

If you’re going to stay in the house for just a year, then you should try to get a no-doc interest-only loan to keep your payments as low as possible. But remember that you will not be building any equity with an interest-only loan. If there is an increase in equity it will have to come from the general appreciation in housing values in your neighborhood.

Talk to several lenders in your area about the interest-only loan programs they offer and how much they charge for no-doc loans. BankRate.com might be a good place to start your comparison shopping. With such good credit, you may be able to get a no-doc loan at a favorable interest rate.