Possible divorce situation

A purchase for you doesn't appear to be impossible based on the info provided. Your credit scores are above qualifying range and you have income. The main factor is your debt ratio which depends on your income and total qualifying debt. That can only be determined by a loan officer after an analysis of your financial picture including credit report. Without knowing what is to become of your current residence it is impossible to determine how you should proceed. You need to have a discussion with your spouse to find out then talk to a knowledgeable loan officer. He or she will want a complete pre-approval loan application and credit authorization. Depending on how much other debt you have, you may be able to qualify for a purchase even with your existing mortgage payment on your record.

Your situation is complicated but not uncommon or impossible. However, too complicated to advise without a thorough offline discussion. Not sure if this forum allows email or telephone publication. Feel free to call tomorrow if so...219-865-0505 x305

phrygi_740_559, in your email you provided a lot of information, however not enough information to give you any specific limits on what you might purchase. The best think for us to do would be to talk and collect a little more information. Please give me a phone call at 216-324-8113 and we can talk. I do believe you are able to buy, just need more information to determine what purchase limit and also the timeline for the purchase.

Agree with the first answers in that you need to go into more details with a qualified, professional representative. I as well would be happy to discuss this with via either email or phone. There are specific guidelines relating to pending divorce buyouts which allow more leeway for qualifying. My contact information:Robert HansonWest Town Savings Bank (nationwide lending)301-752-7549 (direct line)rhanson@westtownsb.comWhether you choose to discuss with me or not, I empathize and wish you good luck! I

First of all, keep this in mind. If you are going through a divorce and your spouse wants to keep the home and buy you out, make sure it is done with a new loan so you don't end up liable because you are still on title. AND don't release title if you are still on the note. That said, qualifying for a new mortgage based on what you provided should be fairly easy, assuming payments on the old home don't go delinquent during the process. FHA allows for a 3.5% down payment which would allow you to buy with less down. You are right, that this is a great time to buy with rates and prices being so great. The likelihood is that six months from now you may still be looking at great rates and prices so waiting a few months is probably a wise thing to do. My advice would be to meet with a local Mortgage Banker/Broker to go over the finer details of your situation. This is the best way to get the right advice. Make sure you check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com