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Foreclosures effect on non-foreclosed spouses ability to buy home

Arizona house.  During marriage my husband bought a house as sole and separate property, with only him on the loan and title.  We lived in the house together.  Due to a reduction in income, he allowed the house to foreclose.  I am employed and want to buy a house now as my sole and separate property.  Some lenders say this is an issue that he foreclosed, even though I had no legal responsibility on the loan.  I can afford a loan myself and make about $110K.  Is there any Fannie Mae Guideline that you can point me to.

  • August 08 - Mesa
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Answers (5)

Best Answer

You are fine to purchase a home by yourself, not sure why anyone would tell you otherwise. FHA and VA count a spouse's debts in the debt-to-income ratio, but with Fannie/Freddie a spouse's credit//score/debts are not relevant. 

I have done several of these transactions in the past and there are no restrictions on your ability to borrow if you were not on the loan or title and you go with a new Fannie/Freddie loan. Even if you go with FHA/VA, your income may still qualify you even with your husband's debts. 

I am local here in Scottsdale if you want to reach out directly with further questions.   
  • August 08
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This is a question for a lawyer. You're in a community property state.
  • August 09
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Jennie:

Why do you continually post, "Have you spoken directly to a lender about this?"? 

THIS IS EXACTLY WHAT THESE POSTERS ARE DOING!

They can make one post and reach hundreds of lenders willing to help for free.  Seems like a smarter way of asking a question than doing it 100 times by calling 100 different lenders. 
  • August 08
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Have you spoken directly to a lender about this? 
  • August 08
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[self promotion deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
  • August 08
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