Real Estate Home Mortgages/Qualifying


3 part question. I divorced in 2011, I gave the ex a quit claim deed on the house. However, at the present time, although not on the title, I'm still listed on the mortgage. If all else is in order, can I qualify for a mortgage of my own while still listed on his with proof of the Quit Claim? If the above doesn't kill my chances, I know lending standards are as strict as ever these days. I have been in the same profession for 10 years, (9 self employed, last 7 months as an employee of a company#, same industry for 21 years, a credit score of 850, an income of $63K and revolving debt of $27K, but really no accessible savings at this point #all in qualified accounts#. Am I going to be able to qualify for a mortgage? Do I HAVE to have 10% or 20% down? Any steps you can recommend to improve my chances #other than saving cash which I know)? And lastly, IF my name being on his mortgage kills my chances, if I have a co-signer with stellar credit, could I potentially get a mortgage? I'm hoping to purchase prior to my lease expiration of 11/1 and I've heard the closing process these days takes 2-3 months. Thank you so much for your time and assistance.


If you want your lender to disregard the fact that your name appears on your ex's mortgage, you need more than just the Quitclaim deed. You need to show your lender a divorce agreement that says that he is solely responsible for the mortgage.

If the above straightens out your qualification for a mortgage, there is a possibility that you could qualify for a low down payment FHA loan, which requires a down payment of 3%. As to a co-signer, s/he needs more than just stellar credit, but enough income to qualify.

To summarize, you need a divorce agreement which lays the mortgage responsibility on your husband in order to be able to qualify for a new purchase on your own.

Best wishes,

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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

Real Estate Home Mortgages

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Eric Forster


Did your last mortgage broker or lender trick you into a messy situation which could cost you your home? I've been close to 30 years in the mortgage industry, and I've seen it all. Believe me, it is not pretty. As the owner of a mortgage company I am called frequently to testify as an expert witness in mortgage fraud cases and other cases where lenders did not fully disclose the terms of the loans they were offering to the borrowers. I have seen fraud being committed by borrowers - and by lenders. It's a tough world out there. And by the way - you are invited to visit my website,


More than 25 years in loan production and underwriting in Southern California.

Mortgage Bankers of America (Southern California Chapter)

Former columnist for AOL Financial Center and the author of a mortgage primer.

MBA (Finance)

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