You are getting a divorce and would like to purchase another home for yourself. There are a number of things to consider about the down payment for this new home. If you kept your assets separate during the marriage, then it will be considerably simpler. However if you did not keep your assests separate, where will this down payment come from? Do you and your spouse have a completed Asset Settlement Agreement prepared? Below is a list of possible sources of funds for the down payment.
- Cash out refinance by your spouse on a jointly owned home. (The new loan should be guarantee by your spouse only)
- Funds available to you per Asset Settlement Agreement
- Funds borrowed or withdrawn from a 401k plan
- Gift funds from a close family member
As always, you should talk with your attorney and your financial planner before any action is taken. Feel free to contact me anytime.
George Runnels, Mortgage Specialist, 206.604.4545
Washington First Mortgage
821 Kirkland Ave., Suite 100
Kirkland, WA 98033
License # MLO-89761