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    de3jb99's Avatar
    de3jb99 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 9, 2009, 09:19 AM
    Divorce and Joint Mortgages
    I am currently going through a divorce after 22 years.
    I have been on the home mortgage for more than 15 years.
    Now that we are divorcing, my soon to be ex is buying me out.

    What I want to know is can I start looking for a MTG to submit my applications to.
    I want to buy a home alone, and with only one income and credit that is far from perfect. I am not sue what my aptions are. Or where to begin.

    Any help that anyone can provide wiould be greatly appreciated.

    Thank you
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #2

    Feb 9, 2009, 10:13 AM

    Welcome to AMHD. Check out 'owner financing': Owner Financing - Owner Financing in Real Estate
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #3

    Feb 9, 2009, 10:20 AM
    Hello d:

    The more YOU share the risk with the lender, the easier it'll be to get a mortgage.

    By that I mean, if you put down 5% and have bad credit, you ain't going to get a loan. However, if you put down 25%, even with pretty bad credit, you can probably get a loan. If you put 50% down, you'll, for SURE get a loan.

    excon
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Feb 9, 2009, 10:27 AM

    You can get pre-approved for a mortgage so you can start shopping.
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