by Chris Birk
Getting VA Mortgages After A Divorce
Applying for a home loan and filing for divorce — both are complicated enough as it. Put the two situations together, however, and things can get sticky.
Divorce can take a toll on credit and finances and, for military borrowers and others, there are considerations if you own a home with a spouse and there’s a mortgage attached to it.
For example, how might you refinance your home to remove your spouse from title? And, what happens to your credit if your ex-spouse is left the house and is unable to make payments?
Or,maybe you’ve just completed your divorce and you want to buy a new home — maybe with “nothing down”. Can you still use the 100% VA home loan via your VA entitlements and the G.I. Bill?
Sometimes, yes.
If you used your VA loan entitlement to purchase a home, and your spouse is awarded the home in a divorce, your portion of the entitlement remains inaccessible until the loan is either repaid in full via a home loan refinance; or, satisfied via a sale or some other means.
Buying a home after a divorce can be more challenging, but it’s certainly not impossible.
Read Full Article at TheMortgageReports.com >>>>
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