Posted on: 18th Oct, 2010 12:02 pm
Here is my situation:
My wife and I currently own a home. We are in the process of re-financing it, in my name only. Once we close on the re-finance, we plan on trying to sell and/or rent the place out, so we can move to another city closer to family.
We would like to buy a place when we move, but will likely be unable to since we're going to either lose money on our current house if we sell or won't be able to due to the new rules on buying while renting out the first home.
My question is: Since the re-finance is in my name, could my wife (who was just offered a new job) be approved for a mortgage on a new house in the new city on her own?
In other words, could that help us get around the mortgage requirements in place if we rent our our first place?
Jeff
My wife and I currently own a home. We are in the process of re-financing it, in my name only. Once we close on the re-finance, we plan on trying to sell and/or rent the place out, so we can move to another city closer to family.
We would like to buy a place when we move, but will likely be unable to since we're going to either lose money on our current house if we sell or won't be able to due to the new rules on buying while renting out the first home.
My question is: Since the re-finance is in my name, could my wife (who was just offered a new job) be approved for a mortgage on a new house in the new city on her own?
In other words, could that help us get around the mortgage requirements in place if we rent our our first place?
Jeff
it's a possibility, yes, jeff. of course, it depends on what you're planning to purchase and her qualifications. i'd still hedge a bit on the rental question, though, since it's a family property that you're talking about there. i surmise that most lenders are going to consider the short-term duration of that situation (recent refinance, lack of history as a rental) no matter what.