Buying a House
Question: My husband and I are separating, and I will be buying a house. We have lots of money and we have never taken out a loan. I will not be taking any of our shared money, except $80 000 for a downpayment on a house and the fees that go along with it. I am hoping to buy a house worth $300 000. At this point, I think my husband may have to sign the loan, which he is willing to do if necessary. Because neither of us have ever had a loan, we have no credit records. I know this is unusual, and I don’t know what to expect from lending agencies. I am middle-aged and have a good, steady income. I know that paying off the loan will not be a problem, but I am not sure the banks will see it that way.
Thanks for your help.
Answer: If you have a sufficient down payment and a good income, it should not be an issue. You could also consult with a mortgage broker for further information.