Home Loans and Support

Can I still buy a home when I am going through a divorce?

Discussion in 'First Time Home Buyers' started by PiratefanAngela, Sep 23, 2010.

  1. PiratefanAngela

    PiratefanAngela LoanSafe Member

    Hey, this is my first time here so I hope I'm posting in the right place. I'm 29 and currently going through a divorce. We were married for four years and lived in an apartment the entire time, saving to hopefully put down a large down payment on a new home. Well, since we separated I've been living with a friend and quite honestly I'm ready to get back in my own place.

    I have a good nest egg built up (around 15% of the value of the house I'm looking at) and through a co-worker have found the perfect house. Will it be a hassle to purchase before the divorce is final, and if I can do so what issues do I need to look out for?

    Thank you in advance for any assistance you can provide, I'm hoping to get the ball rolling on this before I miss my chance at this property because it's an incredible value.
  2. Alex Ferreras

    Alex Ferreras LoanSafe Greeter

    Thank you for visiting LoanSafe, Yes you have definitely come to the right place

    I'm know marriage or divorce expert, but just thinking common sense I'd say wait till after the divorce is final to purchase your own home, as going through divorce might bring some nasty issues in your finances and financial decisions. Wait until you are free first. :)

    Is it a fairly cheap house you are looking at, one for a single woman? I guess that's what I'm getting from reading your post. But if you and your ex were renting the whole time you were married, and you established a fair FICO score you maybe able to secure a mortgage you'll be able to afford. Which lender will you be going through?Try looking for as much infromation on this site as you can about mortgages and such as it is chalk full of it.

    Good luck!
  3. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Hello and welcome to LoanSafe!

    Unfortunately, it will almost be impossible to do this. Most any lender will ask for the divore to be final and a divorce decree submitted to underwriting in order to qualify. The reason being is that a divorce is a very volatile environment that should be finalized before any contracts are signed. They do this because people going through a divorce are typically emotional and sometimes irrational.

    If I were you, I would just wait until it is final.

    Good luck!
  4. juskilentime

    juskilentime LoanSafe Member

    if you're not divorced, you're married, and any contractual and financial decisions need to be thought through carefully.
  5. laurent_08

    laurent_08 LoanSafe Member

    hmmm.. I didn't know about this that if you're in the divorce process you cant access or process financial loans.. Thank you for sharing this post guys.. It's really helpful.. I learned alot.. :)

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