Anyone that has gone through a divorce will tell you that it was one of the most difficult times in their 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, but obtaining a home loan amidst a divorce can be difficult.
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, Hurst Lending offers home loans designed specifically for people going through divorce. Hurst Lending is here to help you navigate these difficult waters, and get back on your feet as fast as possible by getting the home loan you need, when you need it. .
Hurst Lending has two different programs designed for people going through a divorce. The first is theDivorce 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. Hurst will lend you the money you need to make a down payment on a new home up front.e, That way you can get the funds you need to close when you need them, and then have the option to either pay off, or refinance, that loan when the divorce is finalized.
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, Hurst Lending offers the second of their divorce offerings,the Divorce Home Loan and Rental Program. The difference between this and a traditional home loan, or mortgage program, is that Hurst Lending purchases the home, and then rents it to you for the going rate. Once your divorce is finalized, you can then buy the house back 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 the time you need to get your affairs squared away.
If you are going through a divorce and want to learn more about the home loan options that are available to you, we encourage you to reach out to Hurst Lending today! We’ll work with you to find the program that fits your needs, and your budget.