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Purchasing a home after legal separation

If I am legally separated with my husband and I want to buy a home on my own then his income and debt would not be considered right? I live in California.

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November 28 2009 - Plano
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Answers (7)

I would recommend to seek for legal advice .
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November 01 2010
If you live in a homestead state you should be careful. In Florida, if you were to buy a home before the divorce is final, your soon to be ex would be a 50-50 partner. Even if you expect your divorce to be amicable, things could change for the worse especially when there is money involved. Lastly, if you are not divorced when you buy, the lender may require you still spouse to sign at the closing. You would then have to get a quit claim afterward. Because of the many potential pitfalls, I would tread slowly and not buy till I was agian single. Your divorce attn'y probably can clarify matters for you or refer you to a real estate attn'y.
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September 25 2010
your correct, the lender will follow the legal speration agreement. the agreement must be approved and recorded by the courts.
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November 30 2009

He will still need to sign on the deed of trust most likely and you would need him to do a quit claim deed over to you at a later date.  I agree with Jerry below and wouldn't recommend purchasing until the divorce was final.

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November 30 2009
Wayne, gave you a better and more detailed answer in your other thread. Joint tax returns and joint debt may impact your DTI to were you may not be able to quualify.
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November 28 2009

On a Fannie / Freddie Conforming or Jumbo Loan Application, when only one person is applying for a mortgage loan, they would qualify with just their income and obligations (DTI). Regardless, if married or not.

I'm not that familiar with most of the other Government Products (low-down-payment products) they may have different qualification guidelines.

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November 28 2009
Hi, you really need to seek the advice of an attorney on this one.  I personally wouldn't do anything this financially significant until the divorce was finalized, but that's my opinion...
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November 28 2009
 
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