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Lilly, Home Buyer in Phoenix, AZ

I live in Wisconsin, my husband bought a house before we married. We are looking at having to sell our house in a short sale. My question is if I

Asked by Lilly, Phoenix, AZ Thu Oct 27, 2011

will be able to buy a house with my name and credit in Arizona with my husband having this in his history???

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Hi Lilly,

if your husband purchased the home prior to getting married and the mortgage is only in his name you should qualify to purchase a home based on your credit,income and job longevity. I would contact a mortgage specialist in AZ to see what you qualify for. Keep in mind that the new purchase will have to be without your husband as a co-borrower. you will be the only borrower on the mortgage. Your husband will you will also have to sign a quick claim deed. Hope this helps.
1 vote Thank Flag Link Thu Oct 27, 2011
Lilly

Do you feel your questions were answered adequately? Do you have any follow up questions?

Have you spoken to a lender?

Would you like some information on houses in Arizona, sometimes a sample helps just to give you some ideas.
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Mon Nov 7, 2011
Hi Lilly,

Have you talked to the bank to see what kind of short sale you will be able to do? If you can do a HAFA Short Sale - you will receive up to $3000 in relocation monies - which will be paid to you at the close of escrow and it will also erase your husband's debt. Even if it is not sold and the bank takes the home back in a HAFA Deed in Lieu you will still receive up to $3000 in relocation monies and it will still erase your husband's debt on the home.

If you cannot do the HAFA Short Sale and have to do a traditional short sale you will need to talk to you Real Estate Attorney and an Accountant to see how you will be affected by the short sale.

After saying all that I am going to give you a local mortgage person that you can talk to because it depends on each person' situation. Depending which way you go with financing will determine how you can purchase the home in Arizona.

This will be at no obligation to you. Steven Growe - Sun West Mortgage Company - 866-924-0212 or
Steven.Growe@swmc.com

Hope this information is helpful to you.

Thank you,

Cara J. Simmons, REALTOR, ABR, CRS, CSSPE,EPRO, SRES
RRC - Relocation & Referral Certified
Sun Canyon Realty
602-399-0663
Cara@CallCara.com
Web Reference: http://CallCara.com
0 votes Thank Flag Link Fri Oct 28, 2011
HI Lilly,
Maybe you can rent your husband's house. Try to avoid a short sale because it will have a negative affect on your husband's credit. You may be able to qualify by yourself for a loan based on your income and credit. Wait another year to buy, prices are declining. Good Luck
0 votes Thank Flag Link Fri Oct 28, 2011
In spite of Bill's admonitions, realtors will make recommendations on a lender you can approach because all lender are not created equal. Some perform better that most and have different underwriting criterion.

From my experience, it is possible for you to qualify for a loan separate from your husband if your credit is good, if the sum of your liabilities (loan obligations) and those of your husband acquired after marriage meet the debt to income ratio requirements and you have the ongoing income to qualify. The lender will pull your credit and that of your husbands credit to look at his debts and how they impact you.

My I suggest you contact one or both of the following lenders to get a solid answer based on your circumstances.
Roswell Moore-Sun West Mortgage (480) 422-5095
or
Robyn Kloner-Bell Mortgage (602) 740-0020

When you get your Loan-Pre Qualification Form from the lender you will be ready to start looking at homes.
Loren Hoboy-Buyer Agent
623-297-3537
0 votes Thank Flag Link Fri Oct 28, 2011
Hello:

Ahhh, finally. A lender answering a lender question, rather than real estate agents and brokers trying to do so, and basically telling you to talk to a lender. Does anyone notice you almost never see a lender trying to answer real estate questions, but realtors seem to have no qualms about delving into the finance world.

The arena of lending is now handled by licensed mortgage loan originators (MLOs) on a national basis, each of whom is required by Federal regualtions to take extensive educational courses on an on-going basis. These days, if you work for a mortgage company, ONLY MLOs can take an application and discuss the terms of your transaction with you. It has become a complex arena of specialty, yet most in the real estate business still act as if we live in the past, when there were few products to offer and life was simple. It ain't that way anymore, and consumers will be best served when everyone in the real estate industry wakes up and takes notice.

Or, is it just me?
0 votes Thank Flag Link Fri Oct 28, 2011
Here is the scoop...

With FHA, VA, or USDA financing, in a community property state (such as Arizona & Wisconsin both are), the non-borrowing spouse's credit is checked. While only the monthly payments are supposed to be included in the borrowing spouse's debt ratio, some lenders will also review the non-borrowing spouse's credit history to determine if there has been any major issues - such as a short sale, bankruptcy, foreclosure, owing judgments/tax liens. If any of those exist within the past 2-3 years, then those lenders who care will impose the same waiting period requirements (short sales, bankruptcies, & foreclosures) and/or payoff requirements (owing judgments or tax liens) as if the non-borrower was actually a borrower. Not all lenders will require that though... so if you are planning to use any of those 3 types of loans, you'll absolutely want to ask questions about that ahead of time.

With conventional/conforming financing the non-borrowing spouse's credit is not checked in community property states, so if you are planning on using that type of financing then your husband's credit wouldn't be checked & the short sale would not be an issue. But you do disclose where you've lived on a loan application, and so you would have to explain you lived rent free in a home your husband purchased prior to your marriage, solely owned, and sold. Nearly all lenders would be OK in that situation, even mortgage insurance providers as well, as I've done several of them. With FHA, VA or USDA financing it can be done too - but you just need to do your homework ahead of time.
0 votes Thank Flag Link Fri Oct 28, 2011
my usual start is to have a mortgage specialist review your total credit to not only help answer this question but to give us all a clarer idea of what you would be abel to qualify for. With rates being lower than ever, you are able to afford more home for the money than ever before and he will be able to let us know what that would be.
Dean DeCesare - Broker
http://www.Ocotillo Properties.net
602-690-4235
0 votes Thank Flag Link Thu Oct 27, 2011
Lily,

A great lender can answer that for you. You can purchase a home on your own as long as you have employment history and good credit history.

You can call a lender I know direct WJ Bradley 623-594-7600 ask for Bryan.

Feel free to contact me if you have any other questions.

Regards,
0 votes Thank Flag Link Thu Oct 27, 2011
Hello Lilly,
If your name is on the loan and you do not miss any payments and are relocated you can buy a home with the correct documentation. If you miss payments and your name is on the loan you will have to wait.
If your name is not on the loan you would buy a home through the normal process.

I hope this helps you. Best of luck
Web Reference: http://azrealtorhelp4u.com
0 votes Thank Flag Link Thu Oct 27, 2011
Hi Lilly,

Yes, you can purchase a home without your husband - as long as you can qualify for the loan on your own.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Thu Oct 27, 2011
Lilly,

In addition, I suggest talking to a mortgage loan officer here in the Valley and they would be able to work with you in terms of what you can afford on your own. It is best to get a pre-approval first before even looking at homes. This way, you will know what you can afford and then you can start your new home search. In today's market, an agent will not write up a purchase contract unless you have been pre-approved by a lender. I work with numerous lenders here in the Valley that would be able to work with you and get you headed in the right direction. Also, here is my website that you can browse to see what is available:

http://deserthomesaz.kwrealty.com

Please let me know if you have further questions that I can assist with!
0 votes Thank Flag Link Thu Oct 27, 2011
Hello Lilly, you will need to qualify for financing on your own merit, Speak to a mortgage specialist first to see what you can be pre approved for on your own. Hopefully it will be enough to buy the type of home that will work for you and your family. Good luck.
0 votes Thank Flag Link Thu Oct 27, 2011
Lilly,

Yes, you would be able to purchase a home here in Arizona in your name.
0 votes Thank Flag Link Thu Oct 27, 2011
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