Re-FI on second home

I don't lend in KY but can offer some insight. If you are financing this property in your name alone then only your credit report would be obtained for a conventional loan. Likewise only your income will used to qualify. This is often called a 'sole-and-separate' transaction since it is a married person financing without their spouse. In this case your husband wouldn't sign any of the loan documents but there will be a few that he will need to sign at the closing. I'm not familiar with KY state law but typically this has to do with him waiving any marital rights to the property. Regarding the ($673) net rental income, is this the amount of your house payment? As long as there is nothing in the gross rent column it's not being treated as a rental. I hope this helps!

I think Charlie did a good job of answering your question. By law In Kentucky if one spouse of a married couple buys real estate in just their name the other spouse has to sign the mortgage and HUD-1 to give up their dower or curtesy rights. They do not sign the note.As long as you are getting the rate originally quoted to you, the down payment hasn't changed and the closing costs are the same I wouldn't worry about them showing as rental. The only thing that could cause you a problem is if the lender is showing this as a primary residence. If you look at the declarations section of the application and it doesn't say you intend to occupy as your primary residence you are fine.Good luck.

It depends on the state, but there are two different issues. Everyone on the application needs to sign the loan documents. Period. In most cases, a married person NOT on the application still needs to sign the mortgage document only. The non-applicant is basically acknowledging the fact that the married person is mortgaging one of their martial assets. I suggest you speak with a local mortgage broker for a second option.