Home Buying in 75287>Question Details

rochagloria, Home Owner in Dallas, TX

My husband and I have a mortgage but I would like buy an apartment by myself. what can I do?

Asked by rochagloria, Dallas, TX Mon Dec 3, 2012

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"MEETING YOUR NEEDS AND EXCEEDING YOUR DREAMS!"

Thats a very good question, I think you need to consult your attorney in order to be certain of your limitations. I would imagine unless you are considered legally seperated the courts might still think of any purchase as a possible shared assest. Now that is in referrence to BUYING, you really cant buy an apartment but if you ment rent, thats another story entirely.

Keller Williams Realty
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Joseph Fernandez
cell: (817)975-7258
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1 vote Thank Flag Link Tue Dec 4, 2012
The short answer to your question is to talk to a lender and see what they say about your financial situation. You might want to talk to 2-3 different lenders as they will all have their own criteria and you might get turned down with one but not the other.

Keep in mind that anything you buy while married your spouse is entitled to half. If this is acceptable to you then you are fine. If that is not your intention then talk to an attorney.

One more thing, the lender might require your husband to sign a quit claim depending on your/his financial situation.

Good luck!
0 votes Thank Flag Link Tue Dec 4, 2012
Talk to a family attorney to make sure you can buy in your name only and draw up the appropriate agreement, before you buy.
0 votes Thank Flag Link Tue Dec 4, 2012
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Hello,

I just wanted to clarify if you meant a condo or an entire commercial apartment complex? They don't sell just one apartment. They only lease them. Please clarify and let me know! Happy Holidays!
0 votes Thank Flag Link Mon Dec 3, 2012
Apply.

If your debt ratios aren't out of line.... You will be fine.

Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
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0 votes Thank Flag Link Mon Dec 3, 2012
Rochagloria,

First we will need to review your current debt obligations to your overall income, assets, credit score, etc. Secondly, we need to talk about what you are looking to buy, whether it's a one unit condo that will be used for rental purposes, or a commercial real estate investment where it's more than 4 units aka Multifamily acquisition you are seeking. Lastly, after the items are reviewed we can look at options of possibly refinancing your existing note out of your name and simply into your name if the debt to income ratios are out of line, or we can look at different pricing options based on your investment objectives, etc. Feel free to call me to discuss. I have experience in both residential and commercial real estate.

Best Regards,

Sanjeev Lad
Fathom Realty
Residential Real Estate Agent
License #: 0583491
Phone: (214) 497-8150
Email: slad215@gmail.com

Premier Nationwide Lending
Residential Mortgage Loan Originator
NMLS RMLO ID #: 530178
Phone: (214) 497-8150
Email: slad@pnlending.com
0 votes Thank Flag Link Mon Dec 3, 2012
Do you want to buy it with cash or loan? What is your price range?
0 votes Thank Flag Link Mon Dec 3, 2012
As long as you can qualify for a second mortgage you will be able to purchase. If you want the new purchase to be separate property and not part of your community property estate you will need to consult a real estate attorney. A good real estate attorney will be able to tell you how to keep the property separate. Advice of that kind is the practice of law, and real estate agents are prohibited from doing so.
0 votes Thank Flag Link Mon Dec 3, 2012
You can do whatever it is you can afford to do regardless of the type of real estate you're seeking.
0 votes Thank Flag Link Mon Dec 3, 2012
Do you mean condo?

Kenny
TURTLE CREEK REALTY
0 votes Thank Flag Link Mon Dec 3, 2012
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