Legal Question in Real Estate Law in California
non purchasing spouse
in an fha loan referencing a non purchasing spouse, where the primary buyer is legally separtated, do the guide lines still apply? is a leagally separated couple still considered married in terms of income to debt, credit rating, liabilites to an underwriter.
2 Answers from Attorneys
Re: non purchasing spouse
This isn't a legal question, this is an underwriting question. Once you are legally separated, in theory, there is no more community income, only your income and your legally-separated spouse's income separately. If I had to guess, I would have to say that the underwriter is not going to consider the legally-separated spouse's income, assets, credit rating, etc... unless you put her on title, and that brings with it a whole host of other issues for which you need to get legal advice from an attorney working for you. You need to consult with the lender, and then your family law attorney about this one.
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Re: non purchasing spouse
Legally separated, no.
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