By Admin on May 23, 2009 in Renting & Real Estate
Judoka asked:
It looks like I will be facing a divorce in the next few months and I’m curious to find out if it’s possible for me to get a mortgage. There are some properties that are so cheap that between mortgage, taxes, and insurance (including PMI) my monthly payment would be a couple of hundred dollars cheaper than if I rented. My credit score is really high and I have never been delinquent on any loan I’ve had.
It looks like I will be facing a divorce in the next few months and I’m curious to find out if it’s possible for me to get a mortgage. There are some properties that are so cheap that between mortgage, taxes, and insurance (including PMI) my monthly payment would be a couple of hundred dollars cheaper than if I rented. My credit score is really high and I have never been delinquent on any loan I’ve had.
All lenders these days are requiring a down payment. The days of 100% financing are gone so you’ll have to save some money before you can purchase.
goldshire1 | May 26, 2009 | Reply
It sounds like you live in The States.I’m not familiar with how mortgages work exactly over there, as I’ve only ever bought property outright, but I couldn’t imagine they’d be that much different to here. So, in short, no. 100% mortgages are a thing of the past unfortunately.
The Knowledge | May 28, 2009 | Reply
see if the 50/50 project is still operation, as at local council offices
wheelieman | May 29, 2009 | Reply
Get a lump sum from divorce settlement to use as down payment. Need 3.5% minimum for FHA. Those 0% down schemes were a BAD idea and the reason you see so many foreclosed, short sale, and cheap properties, as the owner had NO equity in property. Borrow from parents, then amend your taxes and pay them back with the $8000 credit IF you’re a first-time homebuyer.
chatsplas | May 30, 2009 | Reply
100% financing is no more. Save some money, take out a personal loan if it makes sense (if you have a good income and the places you are buying are cheap then it makes sense, if not it may hurt you getting a mortgage so be careful), borrow from friends and family (better really… FHA also allows a portion of your downpayment to be from gifts) or get a settlement from your divorce. For example, give up the miles and other things for what you’ll need as downpayment or get a lawyer that can get you what you need. You should have at least 3% (better if 5% to 20%) of the purchase price. Also, you may not want to bring this up during divorce. There have been cases were things you acquire after the divorce can be grounds to amend the court orders. For example, you may no longer be qualified for spousal support (this is just an example and warning to check with your lawyer).
Good luck with your quest.
gabyrig | May 31, 2009 | Reply