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Can I buy a house before my divorce is final in arizona?

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Icon Mini Profile jenhannah73





Joined: 15 Jul 2010

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Post Posted: Thu Jul 15, 2010 3:01 pm    Post subject: Can I buy a house before my divorce is final in arizona?
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I have filed for divorce and just received an unexpected inheritance, my lease is up soon and I would like to buy a house. Do I have to wait for the divorce to be final? I live in arizona and so does my husband.
I have a discharged bankruptcy in the past year, and also a house going through reposession. Great payment history on the bankruptcy (until I gave up because the house was so underwater). I didn't have any other debt on the bankruptcy other than debt related to my house (no credit card debt).
I have appr. $15,000 to put down on a home, will a mortgage company even talk to me? How about with a co-signer? I have a great rental history for one year, and am paying the equivalent of a house payment in rent.
payment in rent every month
Icon Mini Profile adonis
adonis




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Post Posted: Thu Jul 15, 2010 9:41 pm    Post subject:
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Hi jenhannah,

As Arizona is a community property state, it would be better to complete the divorce proceedings and then buy a new property.

You won't be able qualify for a mortgage just after a year of your bankruptcy discharge though you have a great payment history. Depending upon the type of bankruptcy you filed, you may have to wait for 2-4 years in order to qualify for a home loan.

If you had filed for Chapter 13, then after the discharge you'll have to wait for 1 year to get a FHA loan and 2 years to get a conventional loan. If you filed for Chapter 7, then you need to wait for 2 years to get a FHA loan and 4 years to get a conventional loan.

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Icon Mini Profile shane
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Post Posted: Sat Jul 17, 2010 9:59 am    Post subject:
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It sounds like you may have included a mortgage in the bankruptcy ("... house was so underwater" and "... debt on the bankrupcy... related to my house"), if so, then that is considered a foreclosure and requires 3 years to elapse from the time they legally took back posession of the home (check with the county clerk/recorder).
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