Moving in Warner Robins>Question Details

Olivia, Home Buyer in Warner Robins, GA

my husband own his own home, can I buy one for myself in my own name, I am not on his mortgage.

Asked by Olivia, Warner Robins, GA Fri Oct 22, 2010

I want to relocate to another city.

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7
Life can get complicated! You say you want to move to another city, so that means you want to live in the house and not have it as an investment. If you are going through a divorce, then you would want to consult a divorce attorney before you bought a new property. If you want to stay married and live separate for whatever reasons, you might discuss with your tax attorney or other financial advisors whether a vacation home status might help you get financing. If you have adequate income you should be able to have a home in your name, but need the advice of an attorney as to whether he will need to sign a quit claim.
0 votes Thank Flag Link Wed Nov 30, 2011
Yes. If you need financing to purchase, you will need to qualify on your own.
0 votes Thank Flag Link Sun Oct 24, 2010
Not knowing the following question can get you all the way to the near end before it blows up. The reason is because Loan Officer don't know to ask client's for their tax returns. The lender pulls the returns just before closing. So here goes: Do the two on you file for joing returns on your tax returns using the interest and property taxes as a write off? If so, then no. You cannot buy one unless the following occurs:

You become legally seperated
You buy the home as your primary residence and keep your husband's home as a rental property. You will need to qualify for the loan with 2 mortgage loans going against your income (as well as other reported debt).
You buy the home as an investment property (or second home depending on it's location).

If you file seperate returns, they you can let the lender know that you are moving out and obtaining a place of your own.You will have to sign an affidavit stating that you intend to live in the house as your primary residence.

When buying an investment property, you will need a minimum down payment of 20% unless you buy a Fannie Mae foreclosed home through the HomePath program (website listed below). The minimum down payment for investment properties is 10% down. Fannie Mae will pay up to 2% of your closing costs. If you buy it as a primary residence, we can help you borrower money for repairs to the house. Fannie Mae is offering a special through the end of the year that if you buy one of their homes as a primary residence, they will pay 3.5% of your closing costs. Rate on this product is high.
Web Reference: http://www.homepath.com
0 votes Thank Flag Link Sun Oct 24, 2010
The best avenue for you to take is to contact a local mortgage lender and discuss what the financing options would be for you. This will not only let you know if you will qualify on your own, but what you will qualify for and what documentation you will need to furnish the lender.

I would be happy to recommend a few local lenders, or you can contact your current bank to determine what options they may be able to present you. Ensure that you are aware of how the home is deeded, if you are not sure I can check into that for you.
Web Reference: http://www.midgahouses.com
0 votes Thank Flag Link Sat Oct 23, 2010
Olivia
You can buy your own home, but if you need to get a mortgage you will have to qualify on your own credit and income if you plan to be on the deed by yourself and do not want your husband to co-sign on the loan..
0 votes Thank Flag Link Fri Oct 22, 2010
Olivia,
Yes, you can buy your own home too. Are you on the deed? If you are on the deed and not on the mortgage, this still could be an issue in todays new lending universe. It doesn't hurt to find out, call your favorite bank first.
0 votes Thank Flag Link Fri Oct 22, 2010
Yes, you can purchase a property of your own, if you qualify for a mortgage--do visit with any qualified loan officer(s) first, see if you do qualify, how much, etc., and then go from there.
0 votes Thank Flag Link Fri Oct 22, 2010
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