Can a Married Person Buy a House in Florida?

Yes, a married person can absolutely buy a house alone in Florida! It may seem like an unusual choice, but there are many valid reasons why someone might choose to purchase property independently of their spouse. Whether it’s for financial, legal, or personal reasons, buying a house solo while married can sometimes be the best approach.

Consider homes for sale in Kissimmee: here, as in many areas of Florida, there are numerous factors to weigh when searching for homes. For instance, could buying a home alone impact your taxes? It’s possible! In some cases, purchasing individually may even lead to tax benefits or influence your mortgage options and retirement plans.

Buying solo doesn’t mean you’ll be excluded from financing options or face discrimination—thanks to the Equal Credit Opportunity Act (ECOA), lenders cannot treat you differently because you’re married but buying alone. In fact, going solo on a home purchase can simplify the process, often saving you both time and money. With tools like a home value estimator, you can ensure your investment aligns with your long-term goals while protecting your financial interests.

First Steps for Married Buyers Purchasing a House Alone in Florida

Buying a house on your own while married isn’t necessarily complicated, but it does require some planning. Here are a few essential first steps to consider:

• Compare Credit Scores: Understanding both of your credit profiles is essential. When only one name is on the mortgage, lenders will only assess that individual’s credit score. If one spouse has a significantly better score, having that person apply alone can lead to better mortgage rates and terms.

• Set a Joint Budget: Even if only one name goes on the title, setting a joint budget helps ensure that both partners are aligned financially. Consider ongoing costs like mortgage payments, property taxes, maintenance, and utilities.

• Consider a Joint Savings Account: Saving together in a joint account can be helpful even if one spouse takes title alone. This account can serve as a shared fund for mortgage payments, property improvements, or emergency expenses.

Although you both will be living in the home together, only one would ultimately “take title” to the property. The title is what declares ownership, this person’s name will be on the deed. This also enables the owner to control what happens to the property in a death. If you have sole ownership, you are able to leave the property to whomever you want. 

Taking these steps will help ensure a smooth buying process and set a clear financial foundation, regardless of whose name is on the title.

Can a Married Person Buy a House Alone in Florida? Reasons to Consider

Why would a married individual consider purchasing a home without involving their spouse? Here are several compelling reasons that make this choice appealing:

• Asset Protection

• Credit Score Considerations

• Income Requirements and Debt-to-Income Ratio

Asset Protection

Owning a home in your name alone can protect your assets from certain legal and financial risks tied to your spouse. For instance, if your spouse has defaulted student loans, tax debts, or other outstanding obligations, creditors may seek to seize jointly owned property to satisfy these debts. By purchasing a home in just your name, you safeguard it against potential claims arising from your spouse’s financial situation.

Credit Score Considerations

Regrettably, mortgage companies won’t use the higher credit score between you two, they will most likely consider the lowest score. If this is the case, your spouse could be holding you back from the best possible rate. You might want to leave your spouse off the mortgage on this one unless your spouse’s income is needed to qualify for a proper loan.

Income Requirements and Debt-to-Income Ratio

When filling out a mortgage application, you will be asked to prove your source of income. In most cases, this means providing W-2s and paystubs. If your spouse doesn’t meet the requirement or hasn’t had a stable form of employment for the past two years, this can create difficulty in qualifying for a loan. If your spouse lacks income but has debt, this can throw off your debt-to-income ratio, ultimately preventing you from qualifying. 

LEARN MORE: Complete Guide to Buying a Vacation Home in Florida

Using a Joint Bank Account for a Solo Property Purchase in Florida

If you and your spouse share a bank account, using funds from this account for your solo property purchase generally won’t cause issues. Even though your spouse’s name appears on the joint account, the mortgage lender will primarily assess the account owner on the mortgage. This means that, as long as your name is on the account and it contains your funds, using a joint account is permissible for mortgage transactions.

Joint accounts can be practical for managing home-related expenses, even if the property is solely in your name.

Thinking of Buying a House on Your Own in Florida? Connect with Expert Agents Today

Deciding to buy a house alone as a married person involves careful planning, but it can provide financial and personal benefits. Whether you choose to buy solo or with your spouse, a knowledgeable real estate agent can guide you through each step, from mortgage approval to property selection. At Florida Realty Marketplace, our experienced agents are here to help you find the best options and secure your dream home. Contact us today to get started on your home-buying journey!

Frequently Asked Questions on Married Person Buying a House Alone

Can you buy a house if you are married but separated in Florida?

Yes, you can buy a house even if you are married but separated in Florida. However, Florida is a marital property state, which means that property purchased during the marriage is generally considered marital property. It’s important to consult with an attorney to understand how separation impacts property ownership and to ensure your spouse doesn’t have a legal claim to the home.

Does a spouse have to sign the mortgage in Florida?

Not necessarily. In Florida, a spouse doesn’t always have to sign the mortgage, especially if the property is purchased in one spouse’s name only. However, if the property will be the primary marital residence, the non-borrowing spouse may need to sign specific documents, such as a waiver of homestead rights, even if they’re not on the mortgage. Consulting with a lender or real estate attorney can clarify the requirements.

If you are married, can you buy a house by yourself?

Yes, you can buy a house by yourself in Florida even if you’re married. However, depending on your financial situation and the lender’s requirements, they may ask for your spouse’s information or signature for certain documents. Additionally, Florida’s marital property laws could still apply, so it’s a good idea to seek legal advice before making a purchase.

Does a spouse have to be on the title in Florida?

No, your spouse does not have to be on the title in Florida. If you prefer, the title can be held solely in your name. This grants you full ownership and decision-making authority over the property. However, if the home is a homestead property, your spouse retains certain rights under Florida law, even if their name is not on the title. For instance, they may need to waive their rights to the property in specific situations. A real estate attorney can provide guidance on this matter.