• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Sonoma County Mortgages

Contact Us About Mortgage Financing

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now

Search Sonoma County Mortgages

  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • About SCM
  • About Scott Sheldon

Primary Sidebar

Sonoma County Mortgages is a part of New American Funding

New American Funding - NMLS #6606

Get Your Latest Rate Quote Now!

Your ex can make your mortgage application difficult

February 27, 2022 by Scott Sheldon

Share on Facebook Share on Twitter Share on Pinterest Share on LinkedIn Share on Email
How your ex can make your mortgage application difficult

You’re trying to purchase or refinance a home. You have an ex that you’re dealing with that you were either married to or on title to a property with. The mortgage process depends on what that communication looks like with that other person. It could be very easy or more technical and challenging. Yes, it can be done. However, it does require careful consideration, planning, and a little bit of compromise depending on the mutual goals. Here’s what you should expect if you’re doing a mortgage transaction and you have an ex that is a party to your financial situation.

Something important to know for community property states. If you’re looking at government financing such as VA financing or FHA financing, those two programs specifically require the lender that you’re working with to pull a credit report on your spouse. Why? You’re still legally married and live in a community property state or are financing a property where the subject property is within a community property state.

So, you’re buying a new primary home, you’re still legally married, and you’re looking at a conventional loan. Your ex will need to sign off a release or the lender will need a fully signed off divorce decree complete with the marital settlement agreement with all pages and schedules. You’re trying to buy a primary home but you’re also on title and on a mortgage with your ex on another property. They make the mortgage payment, but they’ve only been making the mortgage payment for a few months. This is going to be a problem. This other property is going to be in your debt-to-income ratio unless your ex can either sell that property or refinance their property taking you off the mortgage and title. Thereby removing it from your debt-to-income ratio. Or the payment needs to come from a bank account that you’re not on for the most recent last 12 months. Then that property can be omitted from your debt-to-income ratio meaning that that mortgage payment will not be counted against your debt-to-income ratio.

This is where it becomes challenging. If you have a good relationship with your ex, and they’re willing to cooperate and help you the process can be made substantially easier. If things are rocky between you and your ex, and you need their help you’ll have to plan for the time it’s going to take to let the divorce proceedings play through or have them sell or refinance the house. Every situation is slightly different. It does depend on the state in which the property is located. If you have a situation like this, it’s best to plan accordingly with a good lender who can walk you through the ins and outs of what this looks like. As well as how it might impact your bottom line as it relates to your mortgage and financing goals.

Looking to purchase or refinance a house starts with a no-cost loan quote today!

Related Mortgage Advice from Scott Sheldon

  • How energy independence home improvement loans may affect your mortgage
    How your mortgage fees are accounted for when refinancing

    When you refinance your mortgage, someone is on the hook for paying fees. Who Following…

  • Strange things that will stop your mortgage
    Strange things that will stop your mortgage application

      If you are trying to get a mortgage, or have tried in the past,…

  • mortgage for manufactured home
    How to get a mortgage for a manufactured home without mortgage insurance

    If you own a manufactured home, or if you are looking to purchase one, here…

  • The Top 3 Home Buying Mistakes Buyers & Realtors Make When Securing A Mortgage

    Purchasing a house is one thing, successfully closing escrow on a purchase mortgage loan is…

Filed Under: Uncategorized Tagged With: buying a house, conventional loans, conventional mortgages, Divorce mortgage, home buying in Sonoma County, mortgage comparison shopping, mortgage lender, Santa Rosa mortgages

Get Sonoma County Mortgages News and Updates in Your Inbox

Footer

SCM on Facebook

SonomaCountyMortgages.com

Connect on Facebook

SCM On Instagram

Follow Sonoma County Mortgages on Instagram

Follow on Instagram

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

See Reviews on Zillow

Location & Contact

Sonoma County Mortgages and New American Funding are an Equal Opportunity Housing Lender

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
1450 Neotomas Ave Suite 115
Santa Rosa, CA 95405
1-707-217-4000
View SCM Map | Email Us!

Map of Sonoma County Mortgages New American Financing Office

View Map on Google

Copyright 2010–2022 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing (Opens in New Window) | Privacy (Opens in New Window)
Terms of Use (Opens in New Window) | Electronic Consent Agreement (Opens in New Window)
Opens in new window Opens an external site Opens an external site in a new window