My husband bought a condo before we were married. I am not on the mortgage. We want to buy a house soon,

Asked by Hailey, Washington Sat Feb 7, 2009

but the condo has depreciated in value about 60,000 so we are going to rent it out. When we apply for a mortgage for a house should we both be on the application, or should I apply alone since he will have the condo on his credit?

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Carol B.C. H…, , Snohomish, WA
Fri Mar 13, 2009
FULL disclosure is always the best practice. But, ask your Lender how you should handle this.

You don't want to get involved with Loan Fraud. It is a VERY serious violation!

Whenever you try to hide the facts from the lender, you could be participating in Loan Fraud.

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Karen Orr, , Tacoma, WA
Sun Feb 8, 2009
You should contact your mortgage lender for a complete personal analysis of your situation. It is completely legal to submit an application in your name only. In that case only your income and debts will be considered in the evaluation and qualification of your new mortgage. The exception to this VA - disclosure of a spouses debt is required.

You should get pre-approved for your new mortgage. Tell your loan officer everything. Your husband may be able to be with you on the loan. Your loan officer will be able to determine the best course of action!
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Don Dutton, Agent, Puyallup, WA
Sun Feb 8, 2009

I do not believe you will be able to hide that debt just by keeping him off the loan application. Lenders are very diligent these days. Because we are a community property state you'll share in each others fortunes and debts. You've probably established joint accounts that are reporting to the credit bureaus too. Fortunately, banks don't make loans based solely on net worth. The key is whether this condo mortgage has remained current, along with all other family debts. You will need to qualify for your new mortgage based on all debt obligations you currently have. You'll probably need to provide your lender with a copy of a rental agreement on this condo before you close on the new loan unless you have substantial residual income, so start looking for a tenant now. Call your lender right away for all the specifics.
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Dallas Texas, Agent, Dallas, TN
Sat Feb 7, 2009
Best contact a mortgage broker who can review all financial records, credit scores, short / long term goals for home purchase much more. The condo would continue tax write offs you might want to search for a family wants a lease purchase.
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Karen Jackson, , Renton, WA
Sat Feb 7, 2009
You need to sit down with a mortgage rep and discuss your situation. He or she will run your credit and figure out the best scenario. I would be happy to refer you to a great mortgage rep. Give me a call. 206-714-1384. Karen
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