Been doing this process since November 2019. I was sent to underwriter twice by an ATD event not my MC. I currently live in my unit for about 2 years with my husband,whose income has been changing since. I took him off the loan and I am only using my income to get qualified. We are thinking about separating for different reasons and either I’m moving or he is. How will this affect my qualification process? If I do move my rent will be cheaper than what I’m paying now.
I can’t speak to the rent entirely. You would be back to a single income and the gray areas would be where you share bills bank accounts and loans. With his name on those accounts he would need to remain part of the process at least in the short term.
What I can speak to is that you need to do some research and find out the local laws of your city county and state. Especially if you live in a common property state. Unless you have a signed divorce decree dated prior to making an offer on a house then the state can potentially require your husband to be on the deed and entitle him to half the house regardless of whether he is on the loan or went through the process. Naca may also require him to be on the loan.
You can do whatever is right for you but it’s this reason couples are often advised against making big purchases if possible during this time.
Thanks for your feedback. I’ve already been told by my MC that it’s fine to have my husband on the household but not my loan. I guess I need to figure out how long this will take because I want to move regardless. I wrote several letters about my husband willing to help pay whatever towards the house but I’m not using his income to count as MRF due to his bank statements always being in the negative. We have two separate accounts and we started with two but I took his account off this year and been doing fine according to my MC. Well I will wait and see what happens next month’s appointment with my MC.