Will a bank give me a loan if my divorce isn't final yet?

Asked by Penny Honer, Dallas, TX Sat Jun 2, 2012

My temporary order gives me more than enough to make a home payment with. The final order will allow me to pay cash. But I'd like to move now while the market is good for buyers.

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5
Patrick Fiel…, Agent, Plano, TX
Sat Jun 2, 2012
BEST ANSWER
Hi Penny,

What you want to do is talk to a loan originator to get pre-qualified. This will not require a credit check and but will be based on the verbal qualifications that you provide. Once you find the house you want to buy, the mortgage lender will then pre-approve you by conducting a credit check and verifying the information you supplied for pre-qualification.

If you are legally seperated, your impending divorce should not have an impact on your qualifications, but you will be advised by some to wait until the divorce is final. Your preferred lender can give you specific information. If you would like a referral to a qualified, dependable lender, just drop me a line. I'm happy to help!
0 votes
Christopher…, Agent, Methuen, MA
Sat Jun 2, 2012
I would highly recommend consulting with your attorney about this question. Better to be safe than sorry.
0 votes
Janet Nation,…, Agent, Baldwin, NY
Sat Jun 2, 2012
Don't worry, the market is not going to change that dramatically in the next few months, it seems like you need to obtain the cash first anyway to purchase. I suggest wrap up your divorce process first. All the best.
0 votes
Chris Tesch, Agent, College Station, TX
Sat Jun 2, 2012
You may have way more problems than the market if you buy now. Since you are still married and in a community property state it is probable that your soon to be ex husband would have a right to the home as well. Check with not only a lender, but also your divorce attorney.

good luck!
0 votes
Barbara Coker, Mortgage Broker Or Lender, San Antonio, TX
Sat Jun 2, 2012
Sorry but in Texas there is no legal separation. If you close prior to the divorce, your husband will have to sign the deed of trust. He will have an ownership interest in the house.
Barbara Coker
NMLS#228545
Web Reference:  http://www.thecokerteam.com
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