Posted on: 11th Sep, 2010 08:58 am
Can I get a mortgage separate from my spouse? I qualify dollar-wise, and my husband bought a house in 2006, so he is way upside down on it now.
I've talked to a few lenders who shy away from giving us a loan together because his owing balance is much greater than the home's value. We really just want to rent it out and move - he put a ton of money down on it, and we believe long-term, it will be a decent investment.
My name is not on the up-side down home. Will a lender give me a loan?
I've talked to a few lenders who shy away from giving us a loan together because his owing balance is much greater than the home's value. We really just want to rent it out and move - he put a ton of money down on it, and we believe long-term, it will be a decent investment.
My name is not on the up-side down home. Will a lender give me a loan?
If your name is not mentioned on the mortgage of your husband's home, then you will be able to qualify for a home loan on your own if you meet the required criteria of the lender. You should have a stable income and a credit score of around 700-720 in order to get a mortgage.
You should have an issue getting a mortgage if you can afford it and your credit is worthy. Depending on the state, you might have to include your husbands debt (community state) in your debt to income ratios. Why are they shying away? Are you trying to use proposed rental income for your ratio's? That could be a problem.
Won't be a problem with my husband's debt. The only thing he owes on is the house in his name. I've just heard that they may not want to finance me for another home if I'm upside down on one of the properties. Recently, I had a lender tell me that it's no big deal as long as we aren't using the house for collateral -- and we are not planning to do that -- they won't appraise them anyway. Do they normally appraise the rentals. I'm don't really even need to use the income from the rentals to qualify.
Well... the appraisers do appraise the rental properties.
If you're not using the income to lower your DTI, they will NOT appraise your property. We would take inconsideration all debt and work up DTI ratios. As long as they within guidelines, you will be fine.
Does this go for FHA and conventional?
As far as I know, this rule goes for both FHA and conventional loan.