How to get a Home Loan / Mortgage after a Divorce?

How to navigate a home loan after a Divorce

-Arizona is a Community Property State (50/50 Ownership)
-Advice – find a good attorney; financial planner, and mortgage broker
-MOST TYPICAL SCENARIO WE SEE – One spouse stays in home & -refinances the other spouse out. Did you know that you can do a refinance and take cash-out to pay a spouse off with No pricing hit or LTV hit for cash-out if equity needs to be paid to ex-spouse per decree?

Income (Alimony & Child-Support)
-NEED 36-month Continuance (for all programs)
-Conventional Loan = must have at least 6 months receipt
-FHA & VA Loan = must have at least 3 months receipt
-Jumbo Loans = must have at least 12 months

Debts (Alimony & Child-Support)
-Decree overrides what is in the credit report re liabilities
-Each Spouse will stand alone and will need to qualify based on their own credit and income (taking into account Debt to Income Ratio)
-If one spouse doesn’t earn enough, maybe think about getting a co-signer!

What documents are typically needed?
-Final Divorce Decree
-May need bank account documents from ex (so keep good relationship as possible)
-No need to pull ex-spouses Credit (after the divorce decree)
-Quit Claim Deed (or Disclaimer Deed…if done before divorce)

Видео How to get a Home Loan / Mortgage after a Divorce? канала The Mortgage Brothers Team