Financing in Wisconsin>Question Details

Snafuaru2, Home Buyer in Minneapolis, MN

Obtaining mortgage without spouse

Asked by Snafuaru2, Minneapolis, MN Thu Jan 31, 2013

Hello, my husband purchased a house using an FHA loan prior to our marriage. We are renting that home out now because we had to relocate for my career, and are hoping to have me qualify and purchase a home. Is it possible in a community property state to qualify for a home loan by myself without looking at his credit, which while very good credit, would have a high debt/income ratio from his mortgage?

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3
Snafuaru,

In a community property state (such as Wisconsin), if you purchase with FHA financing in your name alone, then the debts of the non-borrowing spouse (in your situation that'd be his mortgage + any other consumer debts) are counted against your debt to income ratio without the benefit of any of his income. However conventional financing does not have that requirement. You may also be interested to know that someone can have more than 1 FHA loan at a time depending on the situation, and one of those situations is if you are being relocated for employment to an area not within commuting distance of the previous home. Since you said you relocated, and if it's not within commuting distance, then it's possible that you and your husband could both be on a new FHA loan together if that is what you wish. Otherwise conventional financing would be a good alternative, and if you have good to excellent credit scores, could very well be a better alternative to FHA financing. If you have further questions feel free to ask them here or contact me.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
1 vote Thank Flag Link Thu Jan 31, 2013
Talk to a mortgage professional directly to run numbers!

Good luck!

Fred
0 votes Thank Flag Link Thu Jan 31, 2013
Yes it is, being on the mortgage and being on the deed are two totally different things. If you are on the mortgage you surely want to be on the deed, but not so much the other way around. Seek a lender and see if you qualify with just your income.
0 votes Thank Flag Link Thu Jan 31, 2013
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