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My husband and I own a single family home. My job has moved and my commute

My husband and I own a single family home. My job has moved and my commute is over an hour each way. We would like to purchase a second home in the city to be close to work. We have identified a 4family unit. We would occupy one, and rent the others. The rents in the other units would help us to qualify, infact, we would be making money after PITI. We would keep our existing home. I have very good credit- my husband, no so much. Also we do not have 20% for dp. My question is this: Can I qualify without my husband on the loan so we get a better rate? Can we apply for an FHA loan for this property so we would have to put less down? Any additional advise is appreciated. -Tired Commuter picture121@gmail.com

Asked on 12:00 am Feb 18th 2011

picture121

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My apologies for the delay in responding. I've been working with a new company, and it's extremely difficult for me to find the time to get up on this site. "Not-so-good" credit could hamper your ability to get a new loan. You might, indeed, find a lender in your area willing to look at a new purchase as a second home, given your commute. However, an hour isn't necessarily considered a detriment, and I suspect that most lenders, if not all, would look askance at the thought. I'm an hour-plus away from home, too, and it's a drag to drive back and forth every day, but this sort of commute isn't viewed (generally) as worthy of granting a request for a mortgage on a second-home basis. My best advice at this point, if you haven't already taken care of the situation, is to shop around and discuss the situation with lenders until you find one that can buy into the thought.

Answered on 12:24 pm Apr 1st 2011

gmakerley
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My husband and I own a single family home. My job has moved and my commute

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