Home Buying in 85032>Question Details

Myownhome, Home Buyer in 85032

Due to the market we are unable to sell our house. My husband and I are wanting a divorce but the house issue

Asked by Myownhome, 85032 Mon Jun 29, 2009

has caused a delay. He has offered to help me buy my own house and he will keep our current home but we haven't been able to get any clear responses from lenders. How do we go about purchasing a home in Phoenix for me without the lenders questioning if it is really an investment home? If this can be done we can follow through with an amicable divorce?

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Answers

7
There is no reason for not being able to give you a clear answer to your situation with all of the pertinent info. I'll try to give you a basic answer, but to be certain of the answer I'd have to talk to you to make sure I have all your information. If you have filed a legal separation agreement or petition for divorce, then that would provide the lender with the proof that you are purchasing a new primary residence. However, if you intend to have your soon-to-be ex co-sign with you because you don't qualify on your own, then FHA would be the only option to combine both of your incomes and debts to make your debt-to-income ratios work. Even then, that may not work with all lenders as the combining of income and debts for a non-occupying co-borrower (your ex) with your income and debts is typically only acceptable for a family relationship (parent-child). Your family relationship is severing because of your divorce. Additionally, if you have a current FHA loan on your home, you probably will not be able to use FHA for the new purchase. If you haven't filed for divorce, then you can both purchase the new home using conventional financing, but you must qualify for the new home and current home payments without including any rent from the current home. There may be some issue with the lender buying the fact that the new home will be a primary residence if it is a smaller, less expensive home than your current home. What may be a better option for you is to purchase it as an investment property (there is a higher cost and 20% down), but it would be a clean, simple way to get this done. If you are getting any alimony/child support once your divorce is done and you have 6 months to a year's worth of history, you can refinance as a primary residence in your name only (if there is enough support income). There are a couple more creative options we could discuss and a few other questions I'd need answered, but I would be happy to discuss further if you'd like.

Brian Cardenas
President / Mortgage Consultant
Email: brianc@antiguacapital.com
0 votes Thank Flag Link Wed Jul 1, 2009
good afternoon.......first, are you currently on an fha loan?......two, i assume you are both on the home and both on the current loan.....right?......third, a divorce filing is public record and would show on the new home purchase titlework.....it's smart to wait until, the deal closes......as long as you both together qualify for the new payment (piti) and include the existing mortgage with piti and all other debts into your debt ratio, you can do it.....use fha on the next home unless you are currently on an fha loan, otherwise you would need to go conventional......after the deal closes and your divorce proceeds, you can both quit-claim-deed to the other who's intention is to stay in their respective homes....laslty...i suggest that you wait at least 90-120 days after the close of the second home to file the divorce.there is a chance that the divorce filing could pre-record the deed and the mortgage for the new purchase.....that wouldn't be a good thing..don't forget, without a certain amount of equity, you cannot use a lease on your existing home to drive down your debt ratio....equity minimum requirements are 20% for fha and 30% for conventional.....best regards.bob mcclure....success mortgage partners- plymouth, michigan.....
0 votes Thank Flag Link Mon Jun 29, 2009
I have a lender that was helpful with divorce concerns!

Please contact her Mary Gardner at OnQ Financial in Scottsdale marygardner72@q.com she was very helpful.

480-444-7104

Lucinda Tkach
Windermere
602-799-6846
0 votes Thank Flag Link Mon Jun 29, 2009
Myownhome,

Thousands of homes are being sold in the valley every month, and yours could be next. Everything is about proper marketing, exposure, pricing, etc. If you owe more than the current market value, then that is another story and you will have to try to get a short sale approved, which is very hard.

If you have enough proof and documentation to prove that you are in the process of getting a divorce, a lender (investor) might be willing to treat your puchase as a primary home, rather than and investment. Your best bet is to contact a reputable lender and discuss your case with him.

Good luck!

Carlos J. Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -
http://www.SmartAZRealty.com
0 votes Thank Flag Link Mon Jun 29, 2009
Life get so complecated at times. As a real estate agent, I can not speak with athority on many lender questions. The qualifying standards change daily depending on who is making the loan.

However, when I have a question and want a complete and honest answer I call Judy Giel at MetLife Home Loans. I can't promise you will like what she says, but I can assure you she has vast knowledge and will tell you the truth.

She can be reached at 602-494-6000, ext. 222. Her office is close to the 85032 zip code (Tatum & Shea) and she is good about returning calls if you get voice mail.

Best of luck. Gene Urban
Web Reference: http://www.urbanteamaz.com
0 votes Thank Flag Link Mon Jun 29, 2009
Sorry to hear of your situation. That's no fun.

I'm not sure why you've not been able to get a "clear response" from the lenders you've talked to, unless it's that you simply don't like their response. Is that possible? Either way, I would recommend that you talk to a local, reputable, experienced Loan Officer who can and will give you some direct responses/answers. If you'd like a recommendation, just email me directly.

Best of luck!

...randy
0 votes Thank Flag Link Mon Jun 29, 2009
Hi and sorry for your troubles. Homes are selling like crazy, but you are competing with Foreclosure and Short Sales, so prices are the sticking point with "normal" sellers right now. At the same time, loan rates are low, but lending guidelines are much more strict than they used to be. Are you trying to buy another home as a primary residence? No lender will let you off the hook for your existing home, if that's the case. I recommend you speak with an attorney before making a purchase anyways. There will be tax and divorce consequences and I would be very careful. Hope this helps and good luck! I am an agent familiar with your area, but I assume you are using an experienced agent to sell your current house. Check with them for prices of what is actually selling in your area.
0 votes Thank Flag Link Mon Jun 29, 2009
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