Home Buying in Norcross>Question Details

Mscott777, Home Buyer in Norcross, GA

I'm married and live in WV. I file joint tax returns with my spouse and I want to purchase a home in my name only. Is this possible & how do?

Asked by Mscott777, Norcross, GA Thu May 23, 2013

I it?

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You have every right to purchase a home in your own know. Your joint tax returns could ruin the transaction if your spouse writes off expenses that could reduce your available income you want to use to repay the loan.

Your spouses income can not be considered in the transaction however if his expenses flow to a negative, his income could hurt your chances.
1 vote Thank Flag Link Thu Sep 5, 2013
Thank you.
Flag Thu Sep 5, 2013
First thing to do is meet with several mortgage loan officers and ask a lot of questions about interest rates and fees they charge for securing you a loan. Next thing is to have them run YOUR numbers (income from only you... not including your spouse's income). Once you have a pre-qualification letter, start your search for a house with which you can comfortably make the payment with a mortgage in the amount you are already pre-qualified. Don't forget to include property taxes and insurance which will go into escrow monthly so you can pay those bills once a year (usually), along with the principal & interest payment for your mortgage. Ask if you qualify for any special loan programs. Sometimes, teachers, policemen & women, nurses, firefighters, etc. can get a mortgage under a special program that costs less. Then... go house hunting with a Buyer's Agent and have them help you find your dream home! Good luck!
1 vote Thank Flag Link Thu May 23, 2013
Thank you for such great feedback.
Flag Thu May 23, 2013
GA is not a Community Property state, so there is no obligation for both spouses to be on a mortgage or on title together.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
1 vote Thank Flag Link Thu May 23, 2013
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