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House after divorce

The last post in this topic was posted 1105 days ago. 

 

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Greetings,

 

I am newly divorced after 28 years of marriage and now have to look for a home of my own. I am looking in the 250-300 range. I just paid off 25000.00 worth of debt this month. I have at least 5% to put down on a house and can get more from my 401K if needed but wanted to know if I had a chance of being approved. I have some negatives on my account. 3 medical bills and 2 other bills that have not been paid. All bill are small. None over 100.00. Right now my credit score is 610 and I am looking for a FHA loan.

 

I make 74000.00 a year.

Edited by Sherry2010

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Hi Sherry

It sounds like FHA would be a good fit

If you are in a hurry I wouldnt touch those negatives - if you have time paying them off and getting them off your scores would boost your credit - it doesnt sound like it would take a lot of money to clean up

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If you were married for 28 years you are probably somewhere between your late 40s and late 50s.

 

If you get a loan with only 5% down with a term longer than 15 years, be prepared to be forced to dramatically downsize when you retire... or you will have to work until you're 80+ years old.

 

If you have significant retirement assets that can supplement your social security income and continue to fuel mortgage payments for the entire 30 years AND provide a palatable lifestyle, that's a different story.

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Thanks for the advice everyone. I am thinking of not touching the negatives because they will only show as paid and won't be completely removed. I also think FHA is the way to go.

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