Yes, you can buy a house without your spouse's involvement. Here are some key points to consider: Ownership Structure: If you're purchasing the house solely in your name, you will be the sole owner. This means your spouse will not have any legal claim to the property unless you decide to add them later.
The short answer is yes, though you want to understand the pros and cons of getting a mortgage without your spouse.
It is possible to purchase a home while married without having the other spouse on the title or mortgage. Assuming you are financing the home, you would need to make sure the financial institution is willing to give the mortgage without the other party's name on the title and mortgage. Some will, but many won't.
If you are not on the mortgage for whatever reason, you are not liable for paying the mortgage loan. That said, you get your spouse's interest in the property if they die. However, if you default on mortgage payments, the mortgage lender has the power to foreclose on the home and evict you.
In many cases, the spouse can inherit your house even if their name was not on the deed. This is because of how the probate process works. When someone dies intestate, their surviving spouse is the first one who gets a chance to file a petition with the court that would initiate administration of the estate.
If one decides to stop paying the mortgage, the other is obligated to make the payments. Failing to pay the loan would lead to default and foreclosure. To avoid future problems, the mortgage needs to be transferred to the partner taking ownership. Lenders sometimes allow this, but often don't.
Sometimes a married home buyer may want only to have their name on the mortgage. Applying for a mortgage without a spouse is perfectly acceptable and could be a better option for some buyers. Let's answer some FAQs.
For a community property in California, it depends upon when and how their spouse acquired the property. The law asserts that all property purchased during the marriage, with income that was earned during the marriage, is community property.
In a community property state, it is possible to leave your spouse off the mortgage. However, if you're trying to obtain an FHA or VA loan, your lender may have to consider your spouse's debts when you apply. This may impact your eligibility. If you live in a common law state, it's less complicated.
Adding your spouse's name to the title of your house can provide shared ownership and equal rights, but it also comes with financial and legal implications. Ultimately, the decision should be based on your individual circumstances and what's best for you and your spouse in the long run.
As of 2024, Colorado, Iowa, Kansas, Montana, New Hampshire, Texas, Utah, and the District of Columbia are common law marriage states, each with their own particular legal stipulations.
Mortgage needs
Your marital status does not affect whether or not you'll qualify for a mortgage, so it doesn't matter if you apply as a married couple or as separate individuals.
If you're already financing a primary residence with an FHA loan, you may be able to co-sign an FHA loan for a family member. Just keep in mind that the second FHA mortgage becomes your responsibility if your relative fails to make their monthly payments.
There are many reasons why leaving your spouse off your mortgage or title could be the right choice for you. Applying for a loan without your spouse could help you get the best loan terms, and there might be a benefit to being the only one on the title as well.
Should the husband pass away before his wife, the home will not automatically pass to her by “right of survivorship”. Instead, it will become part of his probate estate. This means that there will need to be a court probate case opened and an executor appointed.
In California, the state follows a 50/50 law, which means that any assets that were acquired during the marriage are split equally between both spouses. While this may seem like a fair approach to asset division, it can create problems for individuals who want to keep what's theirs.
Many lenders will require your partner to sign a quitclaim deed, a document that “disclaims” any interest in the property. “This is a way for the lender to help protect themselves and the borrower from future title disputes,” Schorr says. As such, you won't be able to secretly buy a home behind your spouse's back.
Does it matter whose name is first on a deed? The sequence in which names appear on deeds typically does not impact ownership rights.
Benefits of Buying Together
Couples who apply together typically qualify for more expensive homes and receive more favorable lending terms than single applicants. Joint ownership provides important legal protections for both spouses.
If your spouse passes away, but you didn't sign the promissory note or mortgage for the home, federal law clears the way for you to take over the existing mortgage on the inherited property more easily.
It may be possible to take a person's name off your mortgage documents without refinancing. Ask your mortgage lender about loan assumption and loan modification. Either strategy can remove a former co-owner's name from the mortgage.
1970s. If the 1970s are remembered as the decade of Women's Lib, 1974 could be considered the year of women's mortgage liberation. Up until then, it was technically legal for financial institutions to refuse loans to unmarried women, or to require them to have a male co-signer.