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I'm looking to purchase a home in my name but my wife has a house in her name

My wife purchased a house for us when I was overseas and now we have overgrown our first house. She now does not work and I make enough to make the payments. Because she doesn't work (she takes care of our children and has a small, very small business) she wont be able to be on our second home. I make enough to purchase a home by myself but we wanted to put our old house up for rent. Will her owning a home affect my purchase? Also what should with our current home owners insurance? Can it still be considered my wife's current residence even if she doesn't physically live there?
  • March 23 2014 - US
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Answers (3)

Are you on the mortgage of your current home? Also, are you on the title of your current home? These are answers that can affect your future buying potential. Unfortunately, we would need more detail to help you out in your situation. It would be more efficient for you to speak with a loan officer directly. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

  • March 28 2014
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It depends on two factors. One, is the state you live in a Community Property State. And two, if you apply for either an FHA, VA, or USDA loan,you will need to disclose your spouse's debt and her monthly obligations will become yours. If you finance using a Conventional Loan, then you have nothing to worry about as long as you are not on Title and you are not on the loan. You are free to apply on your own and not be strapped with her added debt.  Please feel free to contact me direct by clicking on my profile and shooting me a message. Please don't forget to leave your contact phone number. Many times when I reply from a Zillow questions, it goes into people's spam for some reason.


Best of Luck!
  • March 23 2014
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Profile picture for Louis W
How is the title to your present home taken?  Are you on the mortgage of your present home?  Can you afford both mortgages on your income?  

You can rent your existing home as long as there are no deed restriction or association restrictions.

You most certainly need home owners insurance on both your homes and if you rent out your existing home it is wise for the tenant to also have renters insurance.
  • March 23 2014
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