Home Loans During Divorce
Anyone that has gone through a divorce will tell you that it was one of the most difficult times in his or her life. Having your daily routine that you’ve relied on for years pulled out from under you can be incredibly hard by itself. Then, mix in the fact that you’ve got to totally reassess your financial situation, and of course, possibly the most challenging – find somewhere new to live. All of these unfortunate issues get compounded when you add children to the mix. As such, finding solutions is of paramount importance. Quickly getting yourself into a new home can be a huge step in the right direction.
It’s no secret that a divorce completely shakes up one’s life. By seeking out a new house to live in quickly, you can restore order and structure to your and your children’s lives faster than you think. However, going about this process can be hard. What’s more is that Texas is considered a Community Property State, which means that regardless of whether or not the divorce process has been started, spouses are considered to be culpable for debt taken on during the marriage. For this reason, we have home loans designed specifically for people going through divorce who want to make the next step toward solidifying their future as fast as possible. Our job is to help you navigate these difficult waters, and get back on your feet as fast as possible.
The first of our two programs is Divorce Bridge Loan Program, which is similar to a standard bridge loan. In short, a bridge loan helps a homeowner to purchase a new house if they have not sold their current one. This is perfect for those who expect a settlement, or have worked out a way to split money from the house sale with their spouse. We lend you the money up front to make a down payment on a new home, and you pay off or refinance it when the divorce is final.
For those who are looking to move out immediately, but do not want to deal with having their soon-to-be-ex sign financial papers, we have the Divorce Home Loan and Rental Program. The difference between this and a traditional home loan or mortgage program is that we purchase the home, and rent it to you for the going rate. Once your divorce is finalized, you buy the house from us, and close on it with a standard 15 or 30-year mortgage. The closing process begins once your divorce process is done, allowing you to deal with one thing at a time.
If you think that one of these programs is right for you, please get in touch with us and we can explain the qualifications for a divorce home loan!