You should be able to, as well as possibly qualify for a First Time Homebuyer Grant of up to $10,000 to purchase the new home. Please contact me for more information on how I can assist you.
Julie A. Horvath
3763 Attucks Dr.
Powell, OH 43065
NMLS ID: 563029
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With FHA, the credit of a nonborrowing spouse, however, does need to be obtained. The lender will factor the spouse's outstanding monthly payments into your ratios. The quality (credit scores) will not be taken into consideration.
The estranged spouse will need to sign a Interspousal Deed (Quit Claim Deed), to forfeit any of their interest in the property. As a community property state, any proprty obtained while married is considered joint property. Thus, the need for the deed.
If your income cannot qualify you for both your spouse's debt payments & your own debt payments, but you would qualify if you don't include your spouse's debt payments, then getting divorced would solve the issue of being able to qualify. When you have been divorced, a copy of the divorce decree needs to be provided to determine if you are required to pay alimony, child support or other maintenance payments to your ex-spouse, as those payments will be included to determine what you can qualify for. If you are going to be receiving alimony, child support or other maintenance payments then in order to use that to qualify the payments must be received for the first three years of the mortgage as well as providing acceptable evidence that payments have been received during the last 12 months, such as cancelled checks, deposit slips, tax returns, or court records. Periods less than 12 months may be acceptable, provided we can adequately document the payerâ€™s ability and willingness to make timely payments.
Shane Milne | Lending in all 50 states | NMLS #81195
and is not hurt to see FHA approved lender now to find out what is best for you and to check your current credit report result .
You need to talk to a mortgage professional to get the answer to your question. Having a divorce does not directly affect your qualification for a mortgage. Your credit score, income and assets are what are important. Review of your situation by a mortgage professional will let you know where you stand.
Have you spoken with a Mortgage Professional yet? I do not have enough information to answer this question however, I will add that FHA is a great program that will allow for less than perfect credit and less than 20% down. You may also want to look at a conventional program with lender paid mortgage insurance. This may help if you are worried about qualifying.
Call me for a full Pre-Approval. I can guide you on the process and give you a few options to consider!
Home Mortgage Professional
(415) 271-7740 direct/cell