Home Buying in Miami>Question Details

Unspecified, Renter in Mountain View, CA

Single Loan vs. Joint Loan

Asked by Unspecified, Mountain View, CA Mon Jan 13, 2014


My fiancé and I are currently looking into purchasing a home in Miami/Coral Gables ares of Florida. I currently own my own home currently and do have a loan with this home. He, on the other hand, has never taken out a loan and we were hoping he could qualify for a physician's loan of some sort-he does not have any debt, -he will be starting as a physician this fall. My real question is, do you think he will qualify alone for a loan or should we have a joint application? Will my having another loan affect our quest in purchasing another home together? As soon as we move, I will be turning my home into a renter's home.

Help the community by answering this question:


I am local to Coral Gables. Please contact me to discuss further options. We specialize in jumbo financing with as low as 10% down payment.

Javier Handal
Retail Branch Sales Manager NMLS# 368541
T. 305.830.0365
M. 305.720.5359
F. 305.489.6159
EverBank | 1430 South Dixie Highway, #306 | Coral Gables, Fl 33146

For online application Please click the link: https://www.everbank.com/jhandal
0 votes Thank Flag Link Wed Jan 15, 2014
Great questions and only taking with a great mortgage professional will ever get you the straight answers without beating around the bush. And FYI there are certain lenders that offer "The Doctor's Loan" mortgage program, specifically targeting recently qualified doctors or those wishing to buy a trade-up or those just starting out, like yourselves (a 1st time Doc, Congrats!) or any Doctor for that matter. This type of loan program is also available to Dentists, CPAs, Veterinarians and with some lenders, attorneys. Lenders realize the great income potential, personal, professional and job stability of you folks and are keen to attract your business. With 30+ years practicing Real Estate in Miami, I know these lenders and connect you with my team. Please feel free to call me at 305-546-5132 during normal business hours or email me at stevecepstein@gmail.com to set up our no obligation, fact finding interview to help answer all your questions. Those i don't have answers for you I will look them up and/or direct you to the proper licensed professional in that field from my network of business pros.
Thanks and looking forward to hearing from you, Steve E
0 votes Thank Flag Link Tue Jan 14, 2014
Hello, to answer your question, Yes, you both may apply for the loan and should be on title. Please confirm with a real estate attorney with regard to ownership language on Warranty Deed. Florida is a homestead state and therefore, a benefit to receive proper title designation.

With regard to your loan, if you are also obtaining employment and have an employer confirmation/contract letter on their letterhead, a lender will consider your income and therefore, if you have good credit score, you both should apply together. But before submitting or contracting to purchase you both should consult a professional and this person will be able to assure your best interest.

Please remember that once you have submitted information, you are not allowed to retract with a lender or contract. So therefore, get approved before contracting to purchase and I will always recommend the services of a Real Estate Attorney.

Should you have any further questions, please do not hesitate to contact me.

Iris I Romero
Sky-Land International Realty
(305) 608-5209
0 votes Thank Flag Link Mon Jan 13, 2014
Hello there should be no problem in getting you and your fiancé approved by the bank for a loan towards your new home.
305 300 8540 cell
Anthony Khouri
0 votes Thank Flag Link Mon Jan 13, 2014
It will not affect your chances of both of you getting a loan approval.if your fiancé has a credit card and established some kind of credit it won't be a problem for him getting approved.305 300 8540 call me if I can assist you in finding that home.
Anthony Khouri
0 votes Thank Flag Link Mon Jan 13, 2014
Good Evening,

There are a couple items I noticed and will have to be taken into consideration before a truly accurate answer can be given. It currently says you are in Mountain View, CA. Is this true, and if so, do you plan to be moving to the Miami area? Are you going to be keeping your same job with your current employer and transfering here? Where you looking to purchase before you made the move? There are many other questions needing answered depending on the answers to the previous questions. So it is in your best interest to call a reputable lender licensed in Florida that can assist you with your financing needs.

I would be happy to discuss your particular situation and help you figure out the best way to proceed. Feel free to contact me.

Reasons to choose Carrington Mortgage:

Industries lowest rates and fees
Fast service - 25 day close on time pledge or $500 off closing cost
Direct lender - no middleman/no broker fees
Non-traditional credit ok
Free prequalification’s
First time home buyers welcomed

Reasons to choose me:

Over a decade of experience
Assisted over 1,000 clients
Funded over $100 million in loans
Local trusted expert for FHA, VA, Conventional, USDA, and Jumbo Loans

Joshua Lerette - Sales Manager
Carrington Mortgage Services, Inc.
0 votes Thank Flag Link Mon Jan 13, 2014
Your Fiiance can purchase if he qualified.
The programs for him are:
Private Lender
If you need any help let me know
Astolfo Bolivar
0 votes Thank Flag Link Mon Jan 13, 2014
I don't believe that the fact you currently own your home will affect the purchase of your new home as long as you are qualified to own them both. The only way to know if your fiance qualifies on his own is to submit an application with the Lending Institution.
0 votes Thank Flag Link Mon Jan 13, 2014
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