Purchasing A Home After Divorce Just Got Easier

Purchasing A Home After Divorce Just Got Easier

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For some, love fades away and Marriages end. However, the mortgage you agreed to when you were married remains your responsibility – until you find a way to divorce it as well. Tight lending requirements can represent a major obstacle for couples who want to untie the knot these days. Whether you are going the traditional route or considering alternative ways to deal with your mortgage in a divorce, it is usually best to try and put emotions aside and focus on the financial aspect. Although selling the house is the easiest solution for most to put that debt behind you, there are other options including Refinancing the Loan, Loan Assumption, a Buyout, or simply just leaving your name on the mortgage.

 

If you decide to sell, for some that may result in doing a Short Sale on the home and taking a hit on your credit report. That doesn’t necessarily mean you cannot purchase again anytime soon. FHA has recently released a new Program that is designed to allow people who have experienced a Negative Credit Event like a Short Sale, Foreclosure or Bankruptcy to purchase a home sooner than before. Typically, those with this type of credit challenge on their report would have experienced an extended delay of anywhere between two and seven years before they could purchase a home. Through this NEW FHA program, buyers have an opportunity to get back into a home within as little as 12 months. This program is going to remain in effect for any applications through September of 2016 and there are specific requirements to qualify for this program. If you would like more information, we can guide you to a Mortgage Professional who will take a look at your specific circumstances and provide you with a strategy that fits your needs. Depending upon circumstances it may be possible to take advantage of a down payment as low as 3.5% as well as the incredibly low Interest Rates in Today’s Market. If you enjoy the advantages of home ownership, you could be on your way to purchasing your next home sooner than you think with the right strategy.

 

Going through a divorce can be an emotionally challenging and financially sobering process. Deciding whether it is best for you to rent or buy requires asking yourself some important questions.

 

Do you qualify to buy a home and can you afford it?

 

Does it make sense for you emotionally AND financially?

 

What kind of home do you want and what kind do you need? (Usually, two very different things.)

It pays for newly divorced individuals who are unclear about their financial situation to get professional advice from a Mortgage Professional and a Realtor to help spell things out clearly so you can make an educated and wise decision about your next major investment in life – purchasing your home. We are available for a FREE consultation and Market Analysis on your current home AND/OR purchasing your next one. Please feel free to contact us anytime.

 

Catherine O’Sullivan – Patrick Lopez & Associates – Keller Williams VIP Properties

We are never too busy for your referrals!

661-290-3793 / 661-607-8096

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