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Hello - I have a question regarding FHA mortgages. I live in a community property state (CA) and my husband has an existing house that is titled in his name only (had house for many years before me) that he is now upside down in by over $150,00. We have now decided to separate. I would like to buy my own house and was told by my realtor that I won't be able to get an FHA loan since he doesn't have enough equity in the house. I was also told that I would have to list all his separate debts even though they are not joint accounts. Once I become legally separated how soon after that can I get an FHA loan to buy a house as my sole and separate residence? I have searched all over the interent and cannot find the answer to this. Thanks for your help.
@credit99 wrote:Hello - I have a question regarding FHA mortgages. I live in a community property state (CA) and my husband has an existing house that is titled in his name only (had house for many years before me) that he is now upside down in by over $150,00. We have now decided to separate. I would like to buy my own house and was told by my realtor that I won't be able to get an FHA loan since he doesn't have enough equity in the house. I was also told that I would have to list all his separate debts even though they are not joint accounts. Once I become legally separated how soon after that can I get an FHA loan to buy a house as my sole and separate residence? I have searched all over the interent and cannot find the answer to this. Thanks for your help.
I'm not a lawyer, I believe the answer may well be that finances can only be completely separate when there is a final divorce decree, but you must talk to a lawyer in your jurisdiction immediately.
I am in the same situation. My boyfriend is legally separated. He talked to his lawyer and the lawyer said community property ends on the date of separation as long as you are using separate funds (after separation). HOWEVER, from what I keep hearing regarding FHA, that is not the case. Maybe with conventional it is different, which means 5% down at least. We are going to be talking to a LO in the next week and I will keep you posted. By the way, we are in CA as well. You can send me an IM so we can K.I.T.
Thanks,
Happy
@happy0510 wrote:He talked to his lawyer and the lawyer said community property ends on the date of separation
Thanks,
Happy
Maybe for other legal reason, but not for loans.