In and of itself, a divorce does not prevent you from getting a mortgage.
Divorces do not appear on your credit report, so any potential lender would not be able to tell you were divorced unless you shared that information.
There are some reasons you may not be able to qualify for a mortgage if you are divorced, however.
First, as you probably know, in order to qualify for a mortgage, a lender will look at your income, debt, and credit score in order to decide whether or not to give you a mortgage.
If the divorce has caused your income to drop significantly, you may not be able to qualify for a mortgage.
Also, if the divorce has left you with a great deal of debt, you may not qualify.
In some cases, your credit score could be harmed by the divorce, if some of your bills went unpaid during the divorce process.
Another reason you may not be able to qualify for a mortgage because of your divorce is if you still obligated on your old mortgage.
You may no longer be living in the home, but are still listed on the home’s mortgage.
Also, if you have very large child support or alimony obligations because of your divorce, lenders may not want to give you a mortgage for fear that you will be unable to pay it.
It can be very frustrating to work through the mortgage issues that can arise as the result of a divorce.
If you can obtain good counsel through the divorce process, you may be able to reduce some of those obligations, such as alimony or the mortgage obligation, which can help you get a mortgage in the future so you can move on with your life.
If you are in Florida and wish to speak with an attorney about your options, call Florida divorce attorney Dale Bernstein at 727-478-3250.
He works with clients in Pasco, Hernando, Pinellas and Hillsborough Counties.
Call today to learn more about how he can help.