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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.

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