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My husband and I are struggling with the "trailing spouse" label in obtaining a 2nd home mortgage.

Profile picture for Mrs JRS
Contributions: 1
My husband and I are struggling with the "trailing spouse" label in obtaining a 2nd home mortgage. I live/work in MI (and plan to remain in MI) while my husband is moving to CT to start a new job. Even though we have excellent credit and plenty of income as a couple to cover both mortgages (pre-approval from the lender) we have been denied a mortgage because I will not be moving to Connecticut. Is there any way around this issue?
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November 06 - US
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Answers (3)

Profile picture for A Wells Fargo Lender
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Since September 2009

If you are purchasing as a 2nd home and qualify I am not certain why there is a problem.  Does your husband work from home or is he required to be in the office?  Was it a job transfer or did he start a completely different position? 

There are several things that need to be taken into consideration and there is a possibility that our underwriters would take a look at a situational circumstance. 

I would be happy to run the scenario through underwriting for you.  
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November 07
Profile picture for CA UMB
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Since January 2009

My advice would be to wait on your new purchase. His new position might not be what was expected. Should he decide to move back to MI there wouldn't be a large expense.

If everything is as expected you may find employment that's not real close to his in CT. When that happens you could select a community of equal distance to both employers along with having a "feel" of the area.

Rates and housing prices won't move that much and it will be a lot less than making a "purchase mistake."

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November 07
Profile picture for shapiroamg
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Since September 2009

You might need to speak to a different lender. The climate of the mortgage business has made underwriting extremely conservative. Then again, you have a somewhat odd situation. But if it makes sense, you should be able to get this done. Perhaps once your husband has been at his new job and can show a pay stub, things might open up for you. Call this person for some straight talk:

http://rwsmortgage.com/officers-detail.aspx?LONum=12

That is Jen. She is a zillow lender too.
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November 06
 

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