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 donâ€™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 donâ€™t get title insurance â€“ like in a trusteeâ€™s sale scenario.
Financing shouldnâ€™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 doesnâ€™t appear to be an issue in your case.
CA Lic. 01339594
"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,
Roswell Moore, CMPS
Certified Mortgage Planner
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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)
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.
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.
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
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.