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Tips for buying a Colorado home after divorce

For individuals emerging from divorce, the future is wide open, full of possibilities and second chances. In many cases, newly divorced men and women set out to structure their new lives by purchasing a home. The process of choosing a Colorado home that suits one's own needs and desires is a very empowering experience. However, there are often financial matters related to the divorce that will require careful attention before an individual is able to obtain a new mortgage.

One simple issue relates to whether an individual is paying or receiving alimony or child support. Those who are receiving either or both of these payments have the ability to use those payments as income when calculating how much money can be borrowed for the purpose of purchasing a home. In order to do so, the payments must have already been in place for a period of at least six months, and expected to continue for at least three additional years.

A more complicated issue arises when both former spouses remain listed on the mortgage for the former family home, but only one retains ownership of the property. In such cases, in order for the spouse who no longer owns the home to obtain a new mortgage, the spouse who is responsible for paying the mortgage will need to provide proof that he or she has been making those payments for the past 12 months. As one could expect, getting this documentation from an ex can be difficult.

When planning to buy a new home after divorce, it is important to go into the process fully informed of the challenges that one may face. By understanding what a lender is likely to require, it may be possible to begin collecting those documents before they are needed, which can save time and money. Moving forward by purchasing a home of one's own is an excellent way for divorced Colorado residents to establish a sense of self, and also a savvy investment for the future.

Source:, "Getting a Mortgage After a Divorce: Difficult, Not Impossible," June 18, 2013

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