Home Buying in New Castle>Question Details

Katie, Renter in New Castle, PA

I am going through a divorce. He's to buy me out. I need to buy a place for my 5 kids. I have a good job/credit. only 6 months of recent

Asked by Katie, New Castle, PA Fri Dec 30, 2011

employment I was a Stay at home mom for 12 years. I need help on where to start. I am making a 700/month rent payment right now and am having no problems doing that. Can anyone give me advice on what I need to do? Thanks Katie

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Depending on your buyout amount, you might need to get preapproved for a mortgage loan. You may use a bank of your choice or I can direct you to Howard Hanna Mortgage. Our loan officer in New Castle is great. I would like to sit down with you or speak with you over the phone about your next step. Where you want to live, how many bedrooms, etc. My cell phone is 724-944-7306 Office 724-654-5555 ext 222, Dianne Iorio Good Luck!
Web Reference: http://www.dianneiorio.com
0 votes Thank Flag Link Tue Feb 28, 2012
You will be in stronger position to buy if you wait until your divorce is finalized. That way, you will have a longer employment period, a larger down payment, and the concern a mortgage broker may have about him not following through on what he may be legally required to do will no longer be a concern.
0 votes Thank Flag Link Fri Dec 30, 2011
When doing an FHA or Fannie Mae backed loan, the guidelines are looking for 2 years of employment. Howver less can be taken into account in extenuating scircumstances and I have had some underwriters use 6 months of employment because of a divorce.
Ask your mortgage broker to check with an underwriter to see if they will consider your income.
If not you can maybe do a lease purchase.

Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
NMLS ID 143960
0 votes Thank Flag Link Fri Dec 30, 2011
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