Profile picture for tanyapenn

How to get mortgage with high to debt income.

I am about to file for divorce, but would like to purchase a home before I file, so I can move out before I file. There are two homes in my spouse and my names. One is being rented and my spouse pays for the other. I have a good income, low debt that I pay for and a large down payment. I can't get approved for a $50K house because the home I live in has a large mortgage. Is there anything I can do to get approved for a mortgage?
  • January 14 - Atlanta
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Answers (3)

Profile picture for pvhomes
Search for Equity Lenders. Credit not important.
  • January 18
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I doubt you have a wife Tanya, but if you did then I would suggest to finalize your divorce before trying to go through the home buying process, especially if you and your soon to be ex-spouse are not getting along. You will end up having to get information from him, and try to qualify with all of the debt you both share. I suggest trying to rent for a few months and finish the divorce. A lot less stressful.
  • January 18
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Profile picture for michaelmccollum
Your best bet is to have your wife go ahead and refinance you off the loan if the plan is for her to keep the house. Obviously that assumes she can qualify on her own and that there is enough equity in the home that would allow you qualify. If that is not possible, the only way to not count that debt against you is to document your wife paying the mortgage on her own for likely a 12 month period.
  • January 14
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