Geez, I hate to be a party-pooper after so many positive answers regarding the legal issue, but my practical experience is if the lender knows about the divorce, they are going to be pretty reluctant to do a deal since they have no idea which debts are going to be taken on by the borrower-spouse. In addition, how do they know if, and how much, you are going to have to pay for alimony, child-support, etc., so how can they calculate your pending debt-ratio?
The mortgage underwriting process looks at past, present and future. Underwriters want to know what income and debts the borrower is going to incur three (3) years into the future. A pending divorce makes that impossible to do, so they will throw up roadblocks...can your lender address those with your help?
Yes, the spouse can buy the house alone. If the marriage is still effective at time of closing, the other party would sign a quick claim to the property. By saying so, during the loan application, if they are still married, we would need to count the total debt from both parties for qualification.
We can prepare you a prequalification letter, before shopping for the house.
Jinyi(Jennie) Allee 602-459-1779
Yes you can obtain financing and have the spouse sign a disclaimer deed, but you definitely want to discuss this with your divorce attorney prior to making any decisions.
Ron & Brenda Cunningham
*** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley"
Yes. However, this situation should be reviewed with the divorce attorney. There is no way in this open forum that any one will be able to know the individual circumstances fo this future divorce.
To see and/or search for some homes for sale on the MLS in the spouse's desired neigbhorhoods check the website.
If I can assist you, please let me know.
Owner/Real Estate Consultant
MoreChoices Real Estate LLC
623-505-4585, ext 611
If the buyer is utilizing conventional financing, then the debts of the future ex-spouse do not have to be considered into the debt-to-income ratios. If you would like to discuss the loan options available in greater detail, I'd be happy to help. I can be reached at 602-694-5279 any day between 8AM-8PM. Have a great day!
I have completed a few under the situation and the spouse involvement is limited but still necessary.
Arizona Homes for Sale by a Guy from Iowa
Yes a spouse can buy a house. I would check with your attorney as to the other spouses rights to the house. AZ is a community property state. More then likely this would be considered community property meaning your spouse will own 50%. Thanks