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.
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.
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
Hope this information is helpful to you.
Cara J. Simmons, REALTOR, ABR, CRS, CSSPE,EPRO, SRES
RRC - Relocation & Referral Certified
Sun Canyon Realty
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
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
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
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?
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.
Dean DeCesare - Broker
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.
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
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:
Please let me know if you have further questions that I can assist with!