People go through many phases during the divorce process, and although many parts of the process are very difficult, for many people who are just finishing their divorce case their future can be wide open and full of possibilities. People may be ready to buy a new home. Right now in Highlands Ranch and the southern Denver metro area, the home buying market is extremely seller-friendly, and there are many financial issues to consider prior to buying a home in Colorado’s tight market.
The debt-income ratio of the individual is important to consider, which is affected heavily by the person’s support order to pay or receive either maintenance or child support. Banks usually require such payments to have been made for many months prior to the application process and also require that they continue for several years before such facts are included in the buyer’s income.
Another important consideration is whether the individual is still listed on the mortgage of the previous marital home. Usually, when one party takes sole ownership of the marital home, the other party needs to allow a fair amount of time for that party to refinance the mortgage solely into his or her name. When the mortgage is still listed under both names, the non-owning party of the marital home still reflects that debt on his or her credit, which often affects that party’s ability to buy a new home.
When planning to buy a new home during a divorce process contact an attorney to assist you in being fully informed about the difficulties that you may face. Please contact us for assistance in your Colorado divorce case today.