have 10k deposit,/ scores about 640/ mortgage vs income=40% on marital home he will be paying mortgage on. How do I get my own loan?

Asked by Birdbrainy, Royal Oak, MI Thu Aug 18, 2011

separation agreement stipulates that he is to pay mortgage in full. He can't refinance, or buy me out.or sell. I stuck on the loan, one that I really won't be paying. How can i get a mortgage under these circumstances

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Ivan Diaz, Mortgage Broker Or Lender, 79936
Tue Nov 22, 2011
Hello ....

As long as the separation agreement/divorce decree states that he is responsible for the current mortgage and the 40% debt to income ratio is after you factor in your new mortgage, you should be able to qualify! Speak with a local mortgage consultant who can guide you! Depending on the new purchase price, 10K should be enough for a new property. Although, I don't recommend exhausting all of your savings, FHA requires no reserves.

Hope this helps!

Ivan Diaz
Home Mortgage Consultant
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Victoria Com…, Agent, Clarkston, MI
Tue Nov 22, 2011

Your local bank or credit union will have loan officers that can review all your financial information and then provide advice. As Realtors, we are aware of the financing needed and details of the mortgage once achieved but the mortgage lenders know all the programs available for specific cases to help home buyers. The Realtor can then help you find the home in the price point the lender and you work out. I hope you have this sorted out by now, I thought telling people where to find a mortgage lender may help someone. Good luck to you.
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Karen Paytas, Agent, Clinton Twp, MI
Fri Aug 19, 2011

As Jeanne stated the best person to answer your question is a Mortgage Loan officer. Since there have been so many changes in mortgage lending they are the most informed to advise you.

Good Luck,

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes
Jeanne (Geni…, Agent, Virginia Beach, VA
Fri Aug 19, 2011
You need to talk to a Loan Officer. You are not mentioning if you are keeping the house and living in it. If not why can't you sell it? If you need to sell as a short sale, there are programs to help you not to do the short sale and coming out of the situation with good credit. You really need to talk to a loan officer in your area, they are familiar with so many different situations that they know the ways. Good luck.
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