What are my chances of getting a loan after a divorce?
My wife and I agreed to get a divorce but we are both on a mortgage at present. I want to buy a condo or townhome while she stays in our current home. I just paid off both our cars, without any debt and my credit scores are 760 on all 3 bureaus. Can I apply for a loan in this case? What are my chances of approval? by kramer814 from Chino Hills, California. Apr 7th 2022
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
There are a couple of things to consider. 1) Can you qualify for 2 mortgages? If not, you'll likely need to have the current property awarded to your wife in the divorce so a lender can completely exclude that payment from your qualifying income. 2) If you're in CA and plan on buying in CA, you may want to wait until the divorce is finalized. CA is a community property state so that could cause some complications if you try to buy before the divorce is finalized. | John Burke | Senior Mortgage Banker | Lending in ALL 50 states |Stride Bank | jburke@stridebank.com | (877)228-9069 | NMLS# 787231 |
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