Would i be able to qualify for a low down payment owner occupied mortgage.?

Asked by mcnraven2, Lithonia, GA Sat Mar 29, 2014

I am forced to continue paying the mortgage of my former marital residence after my divorce and the property is to remain in my name. My ex-spouse get exclusive use for the next two years. Would i be able to qualify for a low down payment owner occupied mortgage. Or would it be underwritten as a second home.

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Gary Wofford, Home Buyer, Atlanta, GA
Mon Mar 31, 2014

Yes you can get a low down payment loan of 3 1/2%(FHA) if you are exiting the property because of a divorce even if there is an FHA loan on the property your ex-spouse will be in.

Call me and I will get the additional details needed 770-315=1832

Gary Wofford, Sr. Loan Officer, Great Plains National Bank
0 votes
Nita Gray, , Atlanta, GA
Sun Mar 30, 2014
Hello, I would be happy to refer you to a loan officer that is qualified to answer this question and give you more information. Please let me know if I can assist you with further information.


Nita Gray
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Jonathan Run…, Mortgage Broker Or Lender, Atlanta, GA
Sun Mar 30, 2014
Yes. You may still qualify for a new owner occupied mortgage with as little as 3.5% down. If you have an FHA loan now, FHA generally prohibits having two FHA mortgages at once, but there are exceptions to that rule. Vacating a property due to divorce is one instance in which an exception can be made. If your existing loan is not an FHA loan, then your fine as well. That being said, you will have to qualify with both mortgage payments. There are conventional options as well, but you will need 5% down.

I am a local loan officer in Atlanta, and have 17 yrs experience. Feel free to contact me if you would like to discuss your situation in more detail. We can get you pre-qualified at no cost, and send your file directly to an FHA underwriter for approval up front, so you know for sure you approved before you make an offer on a property.

Jon Runckel
Sr. Loan Officer
NMLS# 771034
Flagstar Bank
Direct: 678-325-1840
0 votes
John Juarez, Agent, Fremont, CA
Sat Mar 29, 2014
The best answer to your question can be gotten by talking to a local mortgage professional. Kristen Wellborn, below, would be someone who could get you started and, assuming you qualify, she could help to find the house that fits your needs.

Or…you could ask friends, co-workers, or your local banker of insurance agent for a recommendation.
0 votes
Kirsten Well…, Agent, Atlanta, GA
Sat Mar 29, 2014
The short answer is yes, you should be able to qualify for an owner occupant loan. FHA will even allow 2 mortgages under certain circumstances (which I believe you would meet based on what you said). They are usually lower down payment than some others.

The challenge you may find is that your income will need to support both houses.

I would be happy to provide you with a resource of a good mortgage lender to answer all of your questions.

Kirsten Wellborn
Garrett Realty, LLC
0 votes
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