Getting a mortgage is challenging enough — with strict underwriting requiring detailed explanations, sourcing of monies and debt ratios — but adding a divorce to the picture makes it even more difficult for a borrower. The good news is that despite most divorce situations, many can still successfully get a mortgage.
What to plan for: By providing your mortgage company with the most accurate and true picture of your circumstances — starting with the loan application — you’re helping them to find the best way to structure your loan for a favorable credit decision. The lender will also look at your divorce decree for any other undisclosed/non-credit report financial obligations such as child support, alimony/spousal support paid or received.
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“Getting a Mortgage After Divorce: Difficult, Not Impossible.” Weblog entry. AOL Real Estate. June 18, 2013. Accessed July 31, 2013, from http://realestate.aol.com/blog/2013/06/18/getting-mortgage-after-divorce/.
Article Writen by: Divorce Without War July 31st, 2013
Posted In: Moving Forward