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Can I get individual loan when my husband owns a house

My husband owns a house and the payment is 2100 . He owns a business and also he works he recently lost his job but he can still pay mortgage with his business amount .but the recent tax returns show only less income on business . I want to buy another house on my name I wouldn't qualify for the house if they consider me responsible for both payment can I get a loan only on my name
  • September 24 2013 - Cerritos
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Answers (9)

Is your name on the title of your current house? This can affect your ability to get a home loan but it's still possible. Just keep in mind that if you plan to exclude your husband from the mortgage that means your excluding his income and credit score as well. So this pre-approval would just be based off of your finances alone. I recommend you speak to a California lender like myself who would be more than willing to help you get the loan that you need.

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
  • September 25 2013
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Make sure what ever lender you speak to has done their homework. Every Lender has their little quirks, and the Loan Officer needs to do their due diligence. Since you ARE on title, you technically own that home. Some Lenders can and WILL consider that TOTAL housing expense your joint obligation. There is a simple solution and an easy way to move forward. Please feel free to click on my profile and I will be happy to guide you through the process.

Best of Luck!
  • September 25 2013
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Thanks appreciate the response...

I am planning 20% down payment
planning for 500 k loan a income of 85k
  • September 24 2013
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In California, if you apply for FHA or VA financing your spouses debts must be reviewed and counted as your debts, If you apply for conventional financing through Fannie Mae or Freddie Mac guidelines you can apply as your sole and separate property and your husband debt won't count against you. If you are on title but not on the loan, most likely you will be considered responsible for the property tax and home insurance payments for the existing property but not for the mortgage payment.
  • September 24 2013
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Thank you Rob .
1) I am not on the Home loan , but I am on the title.2) Yes, I am planning to live in the new house.
  • September 24 2013
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You can buy a house yourself even if you are married.  Your husband may have to sign a quitclaim deed, but that isn't a logistical or legal problem.  There are some questions that need to be answered:  are you on title and on the mortgage for your husband's house?  Are you planning on living in the new house you want to buy or is it an investment?  These are not deal-breaker questions but may impact how much house you can qualify for.  We have dealt with many situations just like yours and would be happy to help.  Feel free to contact me at [Spam content removed by Zillow moderator due to violation of Good Neighbor Policy.]
  • September 24 2013
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Happy to do so.  If you want to email me at [spam removed by Zillow moderator due to violation of Good Neighbor Policy], I will respond with the lender recommendations.  Also let me know the specific area in which you're located, so I can make sure there is a local lender represented for you.

Look forward to hearing from you!
Krista Bell, REALTOR
  • September 24 2013
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Thank you Krista .I appreciated. I would like to know the lendors who are friendly & help me to resolve it.

Thank you for your time.
  • September 24 2013
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Thank you for your question.  In theory, yes, you can purchase a home as separate property from your husband.

Your best bet, however, is to run your specific situation past a lender, and I would be happy to give you the contact information for a couple of preferred lenders whom my clients have used and liked.

Your question could easily be answered in a couple minute phone call or email.

Let me know if you'd like the contact info.  And, if you do not already have an agent helping with your search, feel free to touch base to see if we might be a good fit.  Best of luck in your search, either way.

Warm regards,
Krista Bell, REALTOR
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  • September 24 2013
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