Purchasing a home as a spouse who is not currently on any mortgages.
The story goes, a spouse landed a job in Las Vegas while the current primary home is in California. The question is, can the spouse qualify for a home mortgage loan, if his spouse is listed on his current primary residence loan?
My response is, it will depend on the type of loan he applies/qualifies for?
FHA has specific guidelines where even if it's just one spouse on the loan application, the spouse that is not on the loan still has to have their credit pulled because their debt will also be factored into qualifying for the loan. And the home is considered their primary residence. Minimum down payment starts at 3.5% of purchase price.
Conventional loans do not require spouses debt information on the loan, and the minimum down payment is 3% for first time homebuyers.
Because this is going to act as the borrower's primary residence, he will be able to take advantage of the no state income tax benefit with living in NV. That is a pay raise in itself!
Are you considering moving to other markets or received a job offer that provided a raise in your income and wondering how much loan you can qualify for? Send me a message, so we can hop on a call to discuss what that looks like.
𝐊𝐚𝐧𝐝𝐲 𝐊𝐚𝐭𝐳 | Mortgage Cheerleader
📲 214-514-0472
📧 kandy.katz@absoluteml.com
📺 Kandy Katz
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