Click To View Links

First Time Home Buyer Post Marriage

by Alleen F.



I have just been newly divorced. Prior to the divorce all the bills were in my name but I was a stay at home mother.

It took three years to have all the debt from the marriage paid off. During this time my credit went from excellent to reflecting late payments continuously.

Is there a possibility of explaining the situation as a post divorce first time home buyer? Once the divorce was final I was able to get back on track financially. If not, how long will I need to wait?

=====ANSWERS=====

Hello Alleen,

Thank you for stopping by my website and asking your questions.

You have given me good details but not quite enough to give you an accurate answer.

If your credit reflects late payments on a mortgage over the past three years, then it will be difficult to get a new home loan. Now if you did not have a mortgage in the past three years then that may be a different story.

Depending on how many late payments you have and what type they are, you may be able to apply for an FHA home loan. You can not use their loan product unless you have been without a mortgage for 3 years or more.

Your credit score will play a big role. You need a score of 620 or more to get the minimum down payment loan (3.5% down).

Since I do not know how many late payments (sounds like you may have many) I cannot say for sure.

The only way to find out is to try. You can have your credit checked and see if you qualify for an FHA mortgage by checking out the link on this page. You can get 4 lenders trying to help you.

I do not work as a loan officer any more so I cannot run a credit file or take a mortgage application.

I hope this helps. I wish you the best.

Regards,

Jeff

PS Please share my website with people you know to help me get the word out.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Ask The Expert.

New Jersey Grants

Click on Image to Learn More

South Carolina Grants

Click on Image to Learn More

Recent Articles

  1. Colorado First Time Home Buyer Grants | Programs | Down Payment Assistance

    Sep 18, 17 05:14 PM

    Probing for Colorado first time home buyer grants available to purchase a home? Find the best grants or programs for home buying in Colorado on this page.

    Read More

  2. North Carolina First Time Home Buyer Grants

    Sep 16, 17 03:38 PM

    Searching for North Carolina first time home buyer grants to purchase that home? Find the best grants and programs for home buying in North Carolina available on this page.

    Read More

  3. FHA Lending Guidelines

    Jun 10, 17 02:58 PM

    According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter