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If you have split with your spouse and you need to qualify for a mortgage, there are some financial steps you can take to make getting that mortgage a little easier. The biggest factor banks consider is your income. If you were in a household with two incomes before the divorce, obviously you will be losing the other spouse’s income when you are ready to qualify, which likely means you will need to look at less expensive houses.

There are ways you can help offset your loss in income. If you are receiving child support and alimony in the divorce, and you are able to show the lender that these payments will be continuing into the future, you can factor those payments into your income in order to qualify. If, on the other hand, you are the person providing the child support or alimony, but it will be ending soon, you can ask that the payments be excluded from the calculations, which can help.

Banks also look at your assets and your reserves, which are funds you can use to make a mortgage payment. Many banks require applicants to have two months in reserves, along with a down payment.

Finally, banks also look carefully at your credit score. In many cases, married couples will have joint credit cards and joint loans, and your credit score could actually go down once those joint accounts are gone. Therefore, it’s important that you establish credit in your own name as soon as possible after the divorce.

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