Home Buying in 48089>Question Details

Nina, Home Buyer in 48089

I am wanting to get a new mortage for a new house, but wanting to rent out my old house. I want the new

Asked by Nina, 48089 Mon Jan 19, 2009

mortage in my name. The old mortage is in just my husband's name. Can we do that?

Help the community by answering this question:


YOU can try to get a mortgage in your name, no problem as long as you qualify. However, the amount you can get approved for depends on only your income, credit, and debts. If you want to use both yours AND your husband's income to qualify for the new home then there will be additional guidelines you need to meet.

Both conforming and FHA lenders have recently instituted "Buy and Bail" policies. Because a ton of people have purchased new homes to take advantage of low prices and simply walked away from the mortgage on their old home, if you claim you are going to rent out your current home then you must some extra guidelines. Most likely you and your husband would have to qualify for BOTH house payments (regardless of whether or not you rent it out), you'll probably need to have 6-12 mos worth of both payments in reserves such as savings or retirement accounts, and any income derived from renting the house cannot be counted towards qualifying on the new one.

Your best bet is to speak with a local, reputable mortgage lender who can walk you through the process to see what you can qualify for. I'm local, and I consider myself pretty reputable, so feel free to drop me a line if you have questions
1 vote Thank Flag Link Mon Jan 19, 2009
It's possible as long you can qualify ... I would check with a few well qualified mortgage reps. I have a few contactsw for you if you'd like ... just shoot me an email or give me a call.

Lisa Bender
Keller Williams Realty
1 vote Thank Flag Link Mon Jan 19, 2009

Just a suggestion, if you haven't checked your credit report, you can at no cost once every 12 months on this website according to the FTC http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm

If the property comes up under your credit report, then you most likely will have problems due to the large number of individuals choosing the "buy and bail".
Web Reference: http://mi-living.com
0 votes Thank Flag Link Mon Jan 19, 2009
It sounds as though you have no ownership in a home your former husband owns. He has the mortgage therefore not reported to credit bureaus. Whether you can lease property out would determine if your former husband would allow that would have his authorization in writing. Are you on title?

You should be able to obtain a mortgage speak with a loan officer.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Jan 19, 2009
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