Financing in Calabasas>Question Details

Nicole, Home Buyer in West Chester, PA

Would I be able to get a mortgage on my own without my husband in California? I was told because it's a "Community" State that I

Asked by Nicole, West Chester, PA Sun Apr 1, 2012

would have to?

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15
SacRElender - Bob Willett’s answer
I see a number of answers here; some correct, and some a little bit incorrect.

The answer is absolutely you can buy property in California without your spouse being part of the transaction. However, you will have problems selling the property down the line if you don’t have your spouse sign some kind of transferring document. Typically that document is an Interspousal Transfer Deed (also called an Interspousal Grant Deed, or just an Interspousal Deed,) but sometimes a quit claim deed is also used. The issue is under our community property laws, your spouse is considered to have acquired an interest in the property because if the money used to purchase the property may have come from income received during your marriage, he could also effectively be an owner. The title company will take care of this for you on a typical transaction. The only way this will be a problem is if you don’t get title insurance – like in a trustee’s sale scenario.

Financing shouldn’t be an issue either. FHA does have some rules that require that all debts of your husband and you be considered against just your income, but that doesn’t appear to be an issue in your case.
Web Reference: http://www.SacRELender.com
0 votes Thank Flag Link Mon Apr 2, 2012
Thank you for your answer... If I wanted to get a FHA mortgage...they would need my husbands credit report? He has no credit or debit...so his credit score is a big fat Zero..lol I have less than $1000. of debit and a good score...so I would be able to do conventional loan if FHA is a problem? Thank you.
Flag Mon Apr 2, 2012
Yes, you can obtain a loan on your own in California. If you qualify on your own, you can purchase any property you want in California. I just closed a sale in the Calabasas Area with a similar situation and Mrs purchased the home in her name alone and obtained financing to close the deal.

Gary Gonzales
818-585-3856
Realtor
CA Lic. 01339594
1 vote Thank Flag Link Sun Apr 1, 2012
thanks for the answer...did she do conventional mortage,fha, etc. Just curious what I would be able to do. I have never had a mortgage before or Loan before.
Flag Sun Apr 1, 2012
You were given absolutely false information. You can buy a home without you husband being on the loan or title. He may have to sign a "Disclaimer Deed" when you close.

"A disclaimer deed is used only within the narrow context of a marriage. If one spouse purchases real estate, she may sign a disclaimer deed specifying that the property belongs solely to her. You may see the need for these types of deeds in community property states such as Arizona and California, where property purchased within the context of a marriage is presumed to be community property. Community property is property belonging to both the husband and the wife."

Please feel free to contact me directly if you have any further questions, I'd be glad to help.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
480-422-5095 direct
http://www.ezAZloan.com

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow HoldBacks!
1 vote Thank Flag Link Sun Apr 1, 2012
You can buy "married as sole & separate property", you should consult with an Escrow Company. You could contact Coast Cities Escrow about this, ask for Robin Riley or Tiffany Taylor on Monday at 562-596-6030.


Shoot me an email if you want to talk about this some more.I don't look back on this same Trulia thread for answers posted after mine.

EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Main Street Realtors
1 vote Thank Flag Link Sun Apr 1, 2012
No, his debt just has to be considered into your debt to income ratios since your responsible for his debt and yours, but you can go on the loan yourself and he will be on the deed.
0 votes Thank Flag Link Tue Nov 12, 2013
Hello Nicole, yes you could buy a home on your own in CA if you may qualify and if he signs a quit claim to negate any claim he may have to the property in your name or have your divorce finalized. You may qualify FHA 3.5% down or even as low as .5% half percent down payment program from a minimum 580 fico score.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 7pm Monday thru Saturday, Sundays by appt.
http://youtu.be/MrygA2_8fAY
If my response was helpful, consider clicking thumbs up or Best Answer!
0 votes Thank Flag Link Tue Nov 12, 2013
I believe, you'll be able to buy a property on your own and add him on the title later( or not to, it is up to you:).

btw, just a little reminding, it is not necessary for him to be here and still actively participate in home-buying process. If he supports your choice, we can do ALL documentation via email( electronic signatures became more and more popular~ fast and easy communication regardless where you are: in or out of the state or even out of the country)
0 votes Thank Flag Link Thu Nov 1, 2012
please contact a mortgage broker, I personally don't see it as a problem.
0 votes Thank Flag Link Wed Oct 10, 2012
You would. I have seen it occur when one spouse has stronger credit or higher score and so the loan has better terms with just one spouse.
0 votes Thank Flag Link Sun Apr 1, 2012
You would. I have seen it occur when one spouse has stronger credit or higher score and so the loan has better terms with just one spouse.
0 votes Thank Flag Link Sun Apr 1, 2012
Hamida,

You can buy a house on your own if you qualify for the loan amount, how ever if the loan is FHA and you are married they check the spouse credit only for the ratio for the loan. Please let me know if any question.

Hamida Mohad
818-284-5716
Realtor,SRES
01156606
http://www.hamidamohad.com
0 votes Thank Flag Link Sun Apr 1, 2012
Thank you all so much for the info.. My husband never uses credit, therefore an empty credit history. He already owns multiple properties with no mortgage...I want something in california on my own. I appeciate the answers and perhaps will be giving someone a call soon.
0 votes Thank Flag Link Sun Apr 1, 2012
Make sure when looking for advice you consult a local professional as rules and regulations can differ from state to state
Flag Sun Apr 1, 2012
You have several options of what to do in this case. Whatever you do make sure when seeking advice you contact a professional local to the area you are interested in as laws and regulations differ from state to state.
Flag Sun Apr 1, 2012
I agree you should consult a mortgage professional. It is common for the wife or husband to take title seperatly. I have sold several homes where title is taken in this way.
Web Reference: http://www.getzelshomes.com
0 votes Thank Flag Link Sun Apr 1, 2012
Yes, you may get your own mortgage without your husband in California.
Your husband will have to sign an Quit Claim Deed which states that he gives up any righ to the ownership of that property.

You may, also, obtain a mortgage in your own name is still have your husband on title, if you would like. The lender would add your husband on as a "title only' interst.

An FHA loan will require that all debt that your husband has in his own name must be included in your qualifications. A conventional loan will not include his debts.

Keep in mind an FHA loan will look at the quality of his credit, as well. Any short sale or foreclsosure will reflect on your credit if you resided in that property at any time during your marriage to spouse.
0 votes Thank Flag Link Sun Apr 1, 2012
In these days of internet experts, it seems that everyone is an expert on financing.
For the facts, speak with a mortgage expert recommended to you by a trusted friend.

Or you can call my guy:
Randy Wagner, RPM Mortgage
(818) 222-2956

I have seen wives on the mortgage without the husband. And vice versa, mainly due to credit issues or legal exposure of a thrid party lawsuit.

I think whoever told you about this was confusing the title issue with mortgages.
0 votes Thank Flag Link Sun Apr 1, 2012
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