Buying again, on one income

What lenders need from you

• The entered decree or a court-approved separation agreement, not a draft. It is how they verify support and exclude assigned debts.
• Proof of support received: bank statements or the state disbursement record for six months (conventional) or three months (FHA, court-ordered). Lump-sum equalization payments are not income.
• Continuance: the support must run at least three years past closing. A child who turns 19 in two years, or maintenance that ends in 30 months, cannot be counted for that portion.
• The old mortgage: excluded from your ratios if the decree assigns it to your ex (Fannie Mae B3-6-05: “the lender is not required to count this contingent liability”), or if your ex is on the note and 12 months of statements show them paying with no lates.
• Credit with no recent lates. One 30-day late on the joint mortgage in the last 12 months is the most common reason a post-divorce purchase fails. Protect it during the case.

Down-payment help in Colorado for one-income buyers

Rent for a year or buy now?

Honest answer: rent if your income is changing, your support is not yet flowing, your credit has a fresh late, or you do not know which side of town your life will be on in a year. Buy if the decree is entered, the numbers work at 43 percent of your gross income or less with room for repairs, and you plan to stay at least three years. The worst outcome is buying a second house you have to sell in 18 months. At today’s rates every $100,000 borrowed costs about $660 a month in principal and interest; work backward from the payment you can carry alone.

Where to search

Every home for sale in Colorado, straight from the MLS, is on kennarealestate.com. Search by city, ZIP, neighborhood or address, save searches, and get alerts. If downsizing is the plan, the complete list of 55+ communities in Colorado is there too. Nothing on our sites asks why you are looking.

Buying again after divorce: 14 questions, answered for Colorado

Every answer below is its own page, written for a Colorado reader who is buying on one income and starting over. Read the one that matches your week.

Questions people ask on this page

Buying a Home After Divorce in Colorado: One Income, the Down Payment, the Next Place

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