In a divorce, Fannie Mae and FHA do not require a waiting period for debts assigned to the former spouse. You can exclude those debts immediately. However, USDA requires a 12-month waiting period, before a lender can exclude the debt.
Article Title: Fannie, FHA & USDA– Divorced – Contingent Liabilities: Is there a waiting period for not counting a liability that was assigned to an ex-spouse by court order? [MC Divorced Borrower Chart] Answer – Fannie Mae Says: Neither Fannie or Freddie require a minimum period of time as long as the debt has been […]