If you are wondering, “Can you apply for a mortgage without your spouse“ then you need to know that such a proposition can be a reality now. We can assist you in finding the right lender for your financial situation. Choose best companies that refinance home loans with bad credit.
There could be valid reasons for which one spouse may think of buying home. Many couples prefer keeping their individual finances separate. For example, one of the married partners may have inherited money then he or she can use it as down payment and obtain loan for purchasing separate property.Get Quick Approval
Here are some situations that might force you for applying for home loan without spouse.
The loan amount approved for this type of a mortgage could be smaller in size because of the fact that your spouse’s income will not be considered. In addition, as loan amount will be smaller, you might have to settle in for a small house that fits your needs and budget.
Lenders do not have any problems in approving applications even if an applicant has joint account with spouse but he/she has to be principal checking account holder. Moreover, spouse can use the funds for purchasing home since it is a joint account, it will have little impact on underwriting procedure.
Majority of the lenders that offer such types of mortgages will check applicant’s DTI ratio as well as go into finer details of spouse’s debts. Either of these can play a pivotal role in determining chances of obtaining an approval. To know more on the subject, talk to a mortgage specialist today.