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Can wife and I get mortgages separately?

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I have a small mortgage for my residence and a mortgage for an apt building on my credit report. Both were purchased when I was single. Now I am married and we both make over $55k and I want to buy a bigger apt building but banks always seem to gripe about my existing mortgages. We both have stellar credit and we have $60k in savings. We live in Ohio (not community property state). Can she buy this apt building herself and leave my debts out of the picture?

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Yes. But then approval will occur on her income/credit alone. Keep in mind that if ever divorced, any down payment or increase in equity that occurred after the date of marriage will be considered a marital asset. That is a separate issue than how title is held or how mortgage approval is sought.

Good for you on your acquisition strategy. Now's the time to acquire, hold and rent. Ten years from now you will be rewarded. Rents are really starting to increase, and with today's interest rates and a decent down payment you can be cash positive from month one. Something we haven't seen since the 1990s.

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I have a small mortgage for my residence and a mortgage for an apt building on my credit report. Both were purchased when I was single. Now I am married and we both make over $55k and I want to buy a bigger apt building but banks always seem to gripe about my existing mortgages. We both have stellar credit and we have $60k in savings. We live in Ohio (not community property state). Can she buy this apt building herself and leave my debts out of the picture?

Yes you can. 5 years ago, my husband and I tried to get a joint loan to purchase our house. The lender said we didn't qualify because of my low score, but if I came off of the application, he would qualify. So, they took me off of the loan, but still put me on title.

If you ever default though, your debt is her debt and visa versa, community property. That is how I understand it. Or if you ever divorce, she still can get 1/2 and visa versa.

Now is definitely the time to buy any which way you can! Good Luck!

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Maybe in a community property state. But not in Ohio or PA or one of the other separate property states. My debt would never be my wife's debt, or vice versa.

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