I will be divorced in a month or so & would like to purchase a townhome, but because a quick claim deed was done to get my name on the current home, I don't qualify as a 1st time homebuyer for a mortgage. Is there a waiver or other document available for recently divorced or for special circumstances situations that will make it possible to purchase a home.
2007-07-10 11:49:46 · 4 answers · asked by ronillinois 1 in Business & Finance ➔ Renting & Real Estate
Why are you worry about to be 1st time home buyer, just to be sure that you are not on a mortgage anymore, your wife should do refinance, because quick claim, without refinance mean nothing. And because you already was a homeowner, and pd your mortgage in time, you will get better interest rate from the bank, than just a first time buyer.
Good Luck!
2007-07-10 12:00:42 · answer #1 · answered by reality 6 · 0⤊ 0⤋
Okay I love this question. Ive been doing this for many years and I dont even know what the hell a first time homebuyer is. A loan is a loan. I dont care if its your first or your 30th. Yes there are some pretty weird programs out there that might say first time home buyer. But the second time homebuyer can get it as well. Its marketing.
Okay to your loan. If you are divorced have your divorce decree. If you are still on the old home that might be an issue if you are going FHA and its currently FHA. You can only have one. You will have to qualify like anybody else. First time home buyer or 100th time home buyer. Only acception I know is for teachers or health care workers through Fannie Mae.
Call a local broker. Good luck.
2007-07-10 11:57:27 · answer #2 · answered by financing_loans 6 · 1⤊ 0⤋
I have no idea how a quit claim deed would have been used to 'get your name on the current home', since quit claim deeds are ONLY used to REMOVE a name from a title.
That being said, if your name was on the current home and the current mortgage, a quit claim deed was the incorrect thing to do, since it only removes your ownership interest in the property, but does NOT relieve you of mortgage liability.
If your ex-husband to be does not refinance this property in his own name, you don't stand a chance at a mortgage, since you will still be shown as having another different mortgage.
Have your attorney check this carefully before the divorce proceedings are concluded. NEVER remove your name from a property without a refinance at the same time.
2007-07-10 12:23:12 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
You can still qualify as a homebuyer. Contact me and I will be happy to help!
2007-07-10 11:53:40 · answer #4 · answered by laura D 2 · 1⤊ 1⤋