can i apply for a mortgage before being legally separated?

Author Message
Icon Mini Profile needmortgage





Joined: 16 Sep 2010

Posts: 1

1.26 Dollars($)
Post Posted: Thu Sep 16, 2010 9:15 am    Post subject: can i apply for a mortgage before being legally separated?
Like
Dislike

i want to take out a mortgage for my own place and am not yet legally separated or divorced? can i do this?
Icon Mini Profile dipaligopale





Joined: 25 May 2010

Posts: 790

22.72 Dollars($)
Post Posted: Thu Sep 16, 2010 9:23 am    Post subject:
Like
Dislike

Hi needmortgage,

Welcome to mortgagefit,

If you are not on the mortgage of your husband's home then surely you can apply on your own for a new mortgage.(even if you are on the mortgage of home where you are currently staying still you can apply but it will be a lot tougher.)

You need to show them proof of income source either regular job or self employment history.

You can do it well before the divorce,there is no issue attached with it but only thing you may probably have to worry is First time home buyer's tax benefit.If you wish to get the new home before divorce you won't be liable for tax exemption of first time home buyers.

Feel free to ask any further query.
DIPA
Icon Mini Profile tfaulhaber1
tfaulhaber1
Community Expert
Community Expert

best lender badge

Joined: 17 Dec 2009

Posts: 562

75.68 Dollars($)
Post Posted: Thu Sep 16, 2010 4:45 pm    Post subject:
Like
Dislike

What state are you purchasing in? Community States require that you add your husbands monthly debt into your DTI ratios. Also, you would have to be approved carrying both mortgages unless he's willing to refinance an pull you off the loan and title.
_________________
Theo (Ted) Faulhaber
516-403-9116
516-634-4417
tfaulhaber (at) vanguardfunding.net
All times are GMT - 7 Hours
Page 1 of 1

 

Page loaded in 0.440 seconds.