Buying a home after a divorce
I have an eye for a lovely home worth $500k. I can afford a $350k down payment but I have no documents for a loan since I am currently unemployed. I have a 20 year track record of good income. I just got divorced recently which somehow killed my credit. It's in the 600s right now. I expect to get a decent job soon or start a business as a marketing consultant. What are my chances of getting approved for a loan? by jadavis31 from Aliso Viejo, California. Dec 27th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
The rules require you prove sufficient income to safely afford the house payment. Unless you have some documentable income, you are not going to find any financing. If you get a regular job, you can probably use that as qualifying income right away. if you start some type of self employment, you will need to be doing that for at least two years before you will qualify. I lend for properties in Wi, MN, IA, ND, SD. Find me at WI-MortgageBroker.com - Cambria Mortgage, NMLS 274132
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