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Can Each Spouse Get Mortgage on Own Primary Residence?

Can each spouse get a mortgage for a primary residence if they are on both mortgages for the two properties?

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

While the answer to your question depends on where the homes are located and if you and your spouse are co-borrowers on both mortgages, spouses usually cannot get a mortgage for their own primary residence unless they are sole  borrowers.  If you and your spouse apply for a mortgage as co-borrowers and the home is not the primary residence for one of the borrowers, this may create an issue for lenders.  If you and your spouse apply as co-borrowers and you both live move into the home, then the home is considered your primary residence.  Your existing home would become your second or vacation home but the terms of that mortgage do not change.

Additionally, property location is a factor.  If one of the homes is located in a different county then you could qualify for an owner occupied mortgage on a second or vacation home, even if you both do not plan to use the property as your primary residence.  Although this new home is not classified as your primary residence, the mortgage rate should be lower than if the loan is classified as non-owner occupied.

If the home you want to buy is located in the same county as your existing home and you both do not intend to live in the property, then you would apply for a non-owner occupied mortgage to purchase the home. We provide a comprehensive overview of non-owner occupied mortgages on FREEandCLEAR for you to understand the differences between non-owner occupied and owner occupied mortgages. In short, non-owner occupied mortgage rates tend to be higher than owner occupied mortgage rates and the maximum loan-to-value (LTV) ratio permitted by lenders for non-owner occupied properties tends to be lower, which may make it more challenging to qualify for a mortgage, depending on the funds you have available for your down payment.

Please note that these are general lender guidelines but you may be able to find a lender that applies their own guidelines (called manual underwriting) and makes an exception in your case. Your situation is pretty unique which is why we recommend that you contact multiple lenders to understand how they would handle it and if they are willing to make an exception. You can review lenders in your area by clicking MORTGAGE RATES It is good to get multiple opinions as lender qualification policies can vary. There is no downside to contacting lenders, it is free and they should be able to provide clarity based on your individual circumstances.

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About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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