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can i apply for a mortgage before being legally separated?

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

dipaligopale's picture
dipaligopale | Joined: May 25, 2010 09:29 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Thu, 09/16/2010 - 09:23

tfaulhaber1's picture
tfaulhaber1 | Joined: December 17, 2009 12:24 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=]refinance[/url] an pull you off the loan and title.

Like | Dislike | Share | Posted: Thu, 09/16/2010 - 16:45

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