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Mortgage/Loans/Other Programs

My average credit score is 673.  I am currently going thru a divorce and my name is oon the home my husband is going to keep as I can not afford the $1300 a month payments plus utilities that go with it.  We have been married for almost 24 years and everything we purchased has always had both names listed as owners. This was our 2nd home purchase/built. As he was not a saver, but a spender we have equity in the house and in his "toys" so now I'm patiently waiting for him to put a 2nd mortgage on the house to give me the equity I'm asking for.  So while I'm waiting is there anything programs/loans that I could be starting so that I can possibly get out of my friends house as soon as possible when the Divorce is final.  I really do not want to rent as I have 3 little dogs and they are used to having a  fenced in backyard to play in and not used to being walked.  Any advice is greatly appreciated.

  • February 11 2011 - Murfreesboro
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Answers (3)

Is there a mortgage on the home now and are you on the loan?
  • February 11 2011
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You say your name is on the home. Is it on the mortgage as well? If it is you will need him to refinance it out of your name otherwise you probably won't be able to qualify for a new mortgage.

Are you looking at using the cash you get out of the home as a downpayment or are you looking at buying a home without using those funds?

Since you have owned a home and lived in it the last 3 year you won't be eligible for the THDA downpayment assistance but starting 1 March we will have limited $4000 grant funds available for qualified homebuyers.

There are parts of Rutherford County eligible for Rural Housing/USDA 100% financing so depending on where you want to live that may be an option as well.

  • February 11 2011
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Yes my name is on the current mortgage.  When the divorce is final there will be a quitclaim deed done then.  He doesn't want to refi because we just lowered to 20 years and the mortgage co just lowered everyones rate another .35% bringing the rate down to like 3.85%.  I do want to live Rutherford Co.  If rural, you mean more in the country, yes that's even better.  I do have an option of using my 401k hardship withdrawl for a downpayment if needed.  I just need to get payments i can afford long term.

Also we have live there since november 2004.  i moved out 12/29/2010.

  • February 13 2011
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