{"id":2667,"date":"2017-09-04T12:10:51","date_gmt":"2017-09-04T17:10:51","guid":{"rendered":"https:\/\/riverbankfinance.com\/blog\/?p=2667"},"modified":"2017-09-04T12:10:51","modified_gmt":"2017-09-04T17:10:51","slug":"youre-recently-divorced-can-you-buy-a-home","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/youre-recently-divorced-can-you-buy-a-home\/","title":{"rendered":"You’re recently divorced. Can you buy a home?"},"content":{"rendered":"

So, the marriage is over. Does that mean your dream of owning a home is, too? The short answer: No! You can still get a loan, as long as you keep in mind the following:<\/span><\/p>\n

Keep Good Records<\/strong><\/h1>\n

This is usually a good practice to have for any person, but especially true if you are recently divorced and are buying a home. Make sure you also keep your records updated. Keep a copy of any checks you\u2019ve paid to show that you\u2019ve paid your debts and bills in time. Any new addresses or changes in income also need to be recorded for when you meet with a loan officer. \u00a0<\/span><\/p>\n

Behave Yourself<\/strong><\/h1>\n

The urge to \u201cget back\u201d at the ex is not uncommon, but very bad if you\u2019re trying to get a loan. A new criminal conviction (for verbal threats, violence, or slashing tires) will definitely hurt your chances. A more common and petty way that spouses get revenge are things like not paying a bill at the home you no longer occupy or using the credit card in excess to hurt your ex\u2019s credit. Typically, that hurts both of you and could also count as FRAUD. Don\u2019t do it!<\/span><\/p>\n

Pay Your Bills<\/strong><\/h1>\n

If you are legally obligated to pay a bill, alimony, or a rental agreement, do it. If you feel the child support is too high or unfair, pay it anyway. Failing to pay those hurts your credit and makes you look like a bad investment. So, it\u2019s always good to make sure that all bills are paid on time. <\/span><\/p>\n

Know Your Worth<\/strong><\/h1>\n

Properties or vehicles that need to be sold, spousal support, and child support can all help you get a mortgage if you benefit from them. You can count spousal and\/or child support as income toward paying a mortgage. So, while you might be going from a two-income household to one, it may not be as bad as you fear. (Side note: it\u2019s always good to inform the lender how long you expect the child support income will last.)<\/span><\/p>\n

Be Vigilant<\/strong><\/h1>\n

Even though you might behave yourself, your former spouse might not. Check your credit score to make sure they don\u2019t make charges in your name. As much as it is in your power, be sure any payments the ex makes, per the divorce settlement, are in time. <\/span><\/p>\n

Explore Your Options<\/strong><\/h1>\n

Moving out of a shared home that you love doesn\u2019t have to be the solution. If you and your ex agree that you can keep your current home, refinancing options are available that can separate a joint loan. Speak with one of our experienced loan officers today about this and more options for divorcees.<\/span><\/p>\n\n

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