FHA World - Mortgage Divorce Refinance
Divorce Refinance means you want to keep your home after a divorce. Be aware that you will need to qualify for a new home loan on your own.
You may not need equity in your property! There are programs available that do not require equity to refinance. You will have to qualify using your income and be able to show that you can afford the new payments.
FHA World - Divorce Refinance
What documentation will I need?
Apply for a Mortgage Divorce Refinance.
* FHA requirements new borrowers will now be required to have a minimum credit score of 580 to qualify for 3.5% down payment
* FHA loan requirements new borrowers with less than a 580 credit score will be required to put down at least 10%
Requires a minimum credit score of 500 to buy a home or refinance
A collection is minor in nature usually does not need to be paid off as a condition for loan approval
Chapter 7 Bankruptcy at least two years must have elapsed since the discharge date
Foreclosure must have been resolved for at least 3 years
Government loan: Seasoning is determined by the date the claim was paid
Loans other than Government: Seasoning is determined by the date of sale the lender sold the property
FHA guidelines requires three year past from the date of sale of the property