Posted on: 22nd Apr, 2010 05:11 pm
I want to know what I need to do to be able to buy a new home with a mortgage already. I recently got married and I bought the home by myself. My husband wants to buy a new home, he has never owned a home but I make the most income. Can we buy another home and get rid of the one we have? Can we did let him apply as first time homebuyer and I be a co applicant?
Hi stwc!
Welcome to forums!
As you already have a mortgage in your name, I don't think you would be able to get a loan in your name. Your husband can apply for a loan in his name in order to buy the property. However, if he does not have a stable income, lenders will not be ready to give you a mortgage.
It would be better if you could sell off the property first and pay off the loan and then look out for a loan to buy a new home.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you already have a mortgage in your name, I don't think you would be able to get a loan in your name. Your husband can apply for a loan in his name in order to buy the property. However, if he does not have a stable income, lenders will not be ready to give you a mortgage.
It would be better if you could sell off the property first and pay off the loan and then look out for a loan to buy a new home.
Feel free to ask if you've further queries.
Sussane