Our personal home is mortgaged in my name only. We want to buy a new home and have the money for a downpayment without selling our first home. My question is: if my husband gets the 2nd mortgage in his name only, will we have to sell and close on our 1st house before we are able to close on the 2nd house? I'm currently not working, so that's why I would not be included in the 2nd mortgage. I'm in South Carolina.
When you and your spouse each apply for credit individually, only that person's stuff is included in the math. Exceptions/nuance:
1) FHA/VA/USDA loans in the 9 community property states.
2) If a spouse is on title but not the mortgage, that means they're liable for the property taxes and homeowner's insurance.
3) Cosigned stuff.