Unusual scenario - need help!

[Anonymous]

I have what I think is a pretty unusual scenario.  My wife and I live in a state that is a non-community property jurisdiction, meaning that we can have assets titled in our individual names which are not presumed to be commonly owned.  A few years ago, my wife purchased a house titled solely in her name, financed by an FHA loan on which she is the only borrower.  I am not on the title or the FHA loan.  This is a 2-family house where we have occupied 1 unit and rented the other unit to tenants.

We are considering selling our house, leasing the property back to ourselves for a brief 3-5 month period, using that time and proceeds to pay down some debt, and then looking to purchase a different primary residence solely in my name, with only myself as the borrower and not my spouse.  There are reasons for this that I don't need to get into on here, but it has to be this way.

My question has to do with the mortgage application process and what I will be asked to disclose, what I have to disclose, and what factors are considered in underwriting the new loan.  I plan to try to get a conventional loan using 20% down and not an FHA loan.  I am concerned because my spouse has numerous late payments on the existing FHA mortgage in her name.  I know that I can apply for a loan solely in my name and only have my credit considered, but when I have to disclose my current housing expenses and the bank reviews my history, will the bank be able to obtain info about and consider my wife's late payments on the mortgage for underwriting purposes?  What I am concerned about is if they saw a bunch of recent late mortgage payments, even though they are not my obligation and not on my credit report, that would disqualify me from qualifying.

My plan was to sign a lease with the buyer of the current home for a short period of time, so we would be renters once the closing occurs, but I don't know how far back the bank will and can look in terms of housing payment history.

I would really appreicate any input and suggestions on this scenario, as it will probably impact our decision.

[homeloanexpert]

I think I understand what you are trying to accomplish. Please feel free to PM me so I can drill down a little deeper with you.

[kc0039]

What happened with your wife only happened with your wife. Since you are not in a community property state, only your debts will be accounted for. We only ask for 2 months bank statements. Whatever is in your 2 months bank statements won't show that your wife paid the mortgage late since you'll be giving them bank statements after living in the current residence as a renter for 3-5 months.

[Anonymous]

Thanks that's what I had thought but just wanted to confirm it.  I reviewed the uniform residential loan application and corresponding regs and this appears to be the case.