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Showing posts with label Buying a House Without Your Spouse:. Show all posts
Showing posts with label Buying a House Without Your Spouse:. Show all posts

Tuesday, August 12, 2014

Buying a House Without Your Spouse:

Buying a House Without Your Spouse: Your Mortgage Questions Answered. There are a lot of things to consider when you’re getting ready to buy a house. But if you’re married, one that you might not have thought about is whether you and your spouse should both be on the home loan. In some cases, having only one spouse on the mortgage might be the best option.

If you’re looking to get a mortgage without your spouse, or if you’re just wondering why in the world someone would do this, I’ve got a few answers. I spoke with Lindsay Villasenor, a Quicken Loans operations director, to get some insight on what happens when only one spouse is on a mortgage. If you’re married and you’re taking the plunge into the real estate market, here’s what you should know about buying a house with only one spouse on the loan.

Why Would You Buy a House Without Your Spouse? One Spouse Has a Low Credit Score. One Spouse’s Income Doesn’t Meet the Requirements. This simply means that you’ll need two years of W2s, two years of tax returns and two months of bank statements. Your Mortgage Company May Look at Your Spouse’s Debt. If one spouse has a lot of debt, you might consider leaving them off the mortgage to decrease your DTI ratio. However, if the home is in a community property state and you’re getting a FHA or VA loan, both spouses’ debts will be taken into consideration.

Well, there you have it. Are you and your spouse considering a one-spouse mortgage? Leave your questions in the comments section below!

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