Getting a mortgage of my own??????
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Getting a mortgage of my own??????
| Sat, 05-06-2006 - 9:29am |
I am recently separated, in the process of getting my house sold. I looked at a house yesterday for me and the girls, and absolutely fell in love. There is not much in my area in my price range, so this one was few and far between.
My question is - how can I get a mortgage in my name when I haven't worked steady since before my first daughter was born? Our credit also isn't great thanks to my stbx. Are there companies that take divorce into consideration? I haven't filed yet, so have no set child support or alimony.
I am a nurse, so I can easily go back to work when I figure out childcare, but would hate to let this house slip by. I didn't think I would be able to stay here until I found this place.
Any advice would be great!
Thanks, Erica
My question is - how can I get a mortgage in my name when I haven't worked steady since before my first daughter was born? Our credit also isn't great thanks to my stbx. Are there companies that take divorce into consideration? I haven't filed yet, so have no set child support or alimony.
I am a nurse, so I can easily go back to work when I figure out childcare, but would hate to let this house slip by. I didn't think I would be able to stay here until I found this place.
Any advice would be great!
Thanks, Erica

Hi, there!
I am definitely not an expert in this area, but I have applied for a few mortgages. I do believe you need to have some type of verifiable and consistent income to qualify for a mortgage. Maybe even a few months worth woudl be suitable. I would give a mortgage broker in your area a call, and see what they have to say. That way, if you don't qualify for a mortgage now, they can give you advice on what you can do in the mean time so you can qualify. Just keep your fingers crossed that the house stays on the market!
How wonderful it is that nobody need wait a single moment before starting to improve the world.
- Anne Frank
Erica,
Call a mortgage broker (broker being the important word here). They will broker out a good mortgage for you. They do not acutally loan the $$. They charge the lender a finders fee for bringing you to them. There are loans out there called no-doc loans. But, I would be weary of those. They tend to higher interest rates and if your credit is so-so right now that could make it even higher. Another option might be to see if your real estate agent could talk to the sellers to see if they are in a position to do a land contract.
Either way I many times tell my clients that to force the issue (i.e. get a crazy mortgage,....) is not always the best answer. Get the mortgage and the $$ together 1st, then start looking. There are many many house you will fall "in love" with. And if this one doesn't work out, it just wasn't meant to be.
Good Luck!!
Jan
Hi Erica.... would the owners be interested in renting or leasing the house, short term, until you get everything else squared away?
Karen ~ wildlucky4me ~