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Answers (5)
- Charles Dailey, "charlesdailey"
- Contributions:7
Mike Emery is right. Don't do this without speaking with an attorney. When you do, make sure to ask them about Minnesota Statute 507.03 (purchase-money mortgage; nonjoinder of spouse) and make sure that your attorney ensures that you, your realtor and title company fully understand this.
Also, in May of this year, I had a bank of america FHA DE underwriter allow an FHA approval in a situation similar to yours without using the income or credit from the soon-to-be ex-spouse. Divorce proceedings were initiated and a separation agreement had been established and provided in this particular instance.
Also, in May of this year, I had a bank of america FHA DE underwriter allow an FHA approval in a situation similar to yours without using the income or credit from the soon-to-be ex-spouse. Divorce proceedings were initiated and a separation agreement had been established and provided in this particular instance.
- NTETS, "Mr Caveat"
- Contributions:6436
you dont need to qualify using his income, but i would wait anyway... especially if the mtg payment is coming out of a joint account... especially if there is even a chance that it would be messy...
of course i recommend people wait roughly 85-90% of the time... the downturn is still 3 years from leveling off... now is a pretty risky time to be buying a house.
of course i recommend people wait roughly 85-90% of the time... the downturn is still 3 years from leveling off... now is a pretty risky time to be buying a house.
- Justin Kennedy
- Contributions:692
with goverment loans you will need to inculde his credit report in the loan file and inculded his debts in your qualifing numbers. some lenders may have issues with your divorce not being finaled. if your spouse owns a home, you may have to address occpancy of new property and if spouses home if secured by another goverment loan.
if you are looking at convetional loans, you will not have to inculded his debts or credit report.
both will require a quit cliam deed executed by your spouse.
if the debts of your spouse are effecting your qualifing. you will need a finaled divorce decree or court ordered seperation agreement to outline the debts consider your and his. some lenders may need 1-3 months of payment others will follow the decree or seperation agreement.
tip! if you have joint debt, if detemined to be his, fight like mad to get them refianced out of your name. I see a countless number of tarnished credit reports due to an ex-spouse who did not refinance the debt, went late or worse.
if you are looking at convetional loans, you will not have to inculded his debts or credit report.
both will require a quit cliam deed executed by your spouse.
if the debts of your spouse are effecting your qualifing. you will need a finaled divorce decree or court ordered seperation agreement to outline the debts consider your and his. some lenders may need 1-3 months of payment others will follow the decree or seperation agreement.
tip! if you have joint debt, if detemined to be his, fight like mad to get them refianced out of your name. I see a countless number of tarnished credit reports due to an ex-spouse who did not refinance the debt, went late or worse.
- Michael Emery, "MikeEmery"
- Contributions:7298
Talk to your divorce attorney. My guess is that if you purchase a home prior to divorce there's a good chance your spouse could be eligible for half of it.
- Eric Hempler, "erichempler"
- Contributions:83
You souldn't, but I would double check with a loan officer. I can refer you to one if you'd like.
Eric Hempler
Eric Hempler
I'm getting divorced. Should I wait to purchase home?
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