temporary separation agreement and obtaining a mortgage

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My husband and I are separated, and have just started the paperwork for filing for a legal separation. We filed a temporary marital property agreement, with the final marital agreement not due until our final legal separation hearing. I am not asking him to sell our home, or buy me out. I just really want to leave with my skin on. Is there any way for me to obtain a mortgage for a home purchase now? If my husband cosigns the new mortgage, assuming our numbers are ok, does that work? Can it still count as my primary residence so that I can get an FHA loan? I was told that they count all of our bills including our current mortage toward my liabilities in the mortgage calculation. I live in wisconsin, a marital property state.

jenkin7 · Posted: Mon May 18, 2009 10:01 pm Post subject:

Hi kate,

You can get a new loan for the purchase of a new house if you qualify in terms of credit score, income and other qualifying factors. As you have not yet been legally separated, I think your husband can co-sign the new mortgage. But if he co-signs, he would be equally responsible for the loan and if he wants to take his name off the loan, you will have to refinance. The new house that you would be purchasing, will be considered as your primary residence. But you will have to give up your interest in the house you are currently staying in with your husband.

gmakerley · Posted: Tue May 19, 2009 7:26 am Post subject:

i don't quite understand why you would be having your to-be-separated husband signing with this new mortgage you propose. so you would then have a mortgage on the current marital home jointly with him and a new mortgage on your new home jointly with him. i suspect fha restrictions will not allow any lenders to consider this a new primary residence under those circumstances.

all of your bills, to answer your question, would be counted - yes.

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