Posted on: 12th Sep, 2010 10:21 am
I'm in Californian and am trying to obtain a mortgage on a new primary residence. My husband and I have two rentals which we own outright, but our primary residence is upside down. We want to keep it too, though. We plan to rent it out, and, the rent will cover the payment (or nearly). This home was purchased by my husband; it is in his name only.
Will it be possible for me to obtain a mortgage for a new primary residence in MY NAME only? I have heard that being upside down on the primary may shoot the deal in the foot with my husband on the new loan.
I have a good income and credit score around 690. Again, my name is not on the title of the loan or deed of the upside down property.
I really don't want to cross-collateralize if I can help it - but I will.
Please advise - thank you in advance for your time!
Will it be possible for me to obtain a mortgage for a new primary residence in MY NAME only? I have heard that being upside down on the primary may shoot the deal in the foot with my husband on the new loan.
I have a good income and credit score around 690. Again, my name is not on the title of the loan or deed of the upside down property.
I really don't want to cross-collateralize if I can help it - but I will.
Please advise - thank you in advance for your time!
Welcome mathina,
If you don't have any mortgage in your name, you will be able to obtain a mortgage for a new primary residence. However, you'll have to fulfill the required criteria of your lender in order to get the mortgage. With a credit score of 690, you will be able to qualify for a FHA mortgage easily.
If you don't have any mortgage in your name, you will be able to obtain a mortgage for a new primary residence. However, you'll have to fulfill the required criteria of your lender in order to get the mortgage. With a credit score of 690, you will be able to qualify for a FHA mortgage easily.