When I am married can I still buy property in my own name and not have her name on anything?
Yes, but the real question is… Why will you have any property in your name?
I am not sure. Last time I talked about an LLC or s-corp I got chastized for thinking to far ahead. I am colsing on my first house on Friday and plan to make my first REI move in a year.
have a business in your name that she does not own any part of.
get a prenup.
do your property transactions inside that business.
anything else in a community property state becomes “y’alls” property and “y’alls” liabilties. for that the bank will look at “y’alls” credit.
The house I am buying now will be in my name only. I am going to leverage that. I want to use my wife’s income. If we get her credit scores above a 600 and mine above a 700, would we be in decent shape as far as qualifying for a mortgage?
I want to add to this topic because I’m in a similar situation as stopitnewb…only reversed. On a recent credit inquiry, the broker pulled mine/wifes jointly. There were several negatives for both, mostly medical bills. Other than that we found I had no credit (I live on cash!) and her scores were 580-620. I also thought of financing in her name only…however we are in a ‘community property’ state (Ky). Right now we are concentrating on paying off the negatives, and building savings. I/we are hesitating on new credit cards right now as I’ve heard that (too many) credit inquiries can also hurt (our) scores.
I’m interested in HOW this separation of ‘yalls’ is possible?
Recently my friend’s wife bought a house in her name only. They are now still married but separated.(though still living together). Does that (separation) make a difference?
The house I am buying now will be in my name only. I am going to leverage that. I want to use my wife's income. If we get her credit scores above a 600 and mine above a 700, would we be in decent shape as far as qualifying for a mortgage?
I am not sure if I am understanding your question. If you are using your wifes income, how will the mortgage be in your name only?
If we get her credit scores above a 600 and mine above a 700, would we be in decent shape as far as qualifying for a mortgage?
Yes, with scores in the high 6’s you can acquire financing relatively easy.
I am buying this house on my own. I was speaking about the next one when using her income. The thing is her credit comes with her income.
I would concentrate on helping her cleanup her report and remove negatives. Even if you don’t use her credit at all its gonna hurt you in the long run to have those negatives when you go to buy a car, get a credit card, buy a house for you to live in, etc. So at least if you have it cleaned up you can decide down the road if you want her name on it or not and not have to worry about credit. I would highly suggest you check out http://creditboards.com and use the info you find there to improve her score.
I have been buying my houses in my name without my wife on them. If you and your wife sign the forms they will calculate the credit score on the lowest of the two. I live in a community property state and we have seperated the mortgages. You need to talk to your mortgage broker about that concept.
I am not married but if i am correct, when you buy a house and your married,if your wife is not using her credit to be on the mortgage, she will still have to sign the note to assure the bank if you(the credit borrower) dies then she will become financial responsible for the house. Thats why deeds state if your a single man or woman or married at time of closing.
Not correct yrush…
My wife’s credit is “bruised” but improving. We buy all of or property with the mortgages in my name alone (my credit is great) but hold the properties titled jointly.
Keith
Keith and I do it the same way. They never look at her credit just mine.