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First, owning two single family properties instead of one will not benefit either of you. That being said, I assume that you wish to pull equity out of your primary residence and use it as a down payment on the second. Refinance the first house with a cash out option. Your mortgage payments will increase as a result of the larger mortgage balance outstanding. Next take that cash plus savings and put down 1/3 on the new house. Take out a traditional mortgage for the second house.

Above all, have a signed agreement between the two of you regarding the disposal of either house should one person die or wish to sell.

My best advice is to save the marriage.

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โˆ™ 2007-09-04 17:49:46
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Q: How can my not legally separated husband and I purchase another home for him to live in and refinance our current home that I live in so that it benefits both of us?
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When the original purchase money mortgage lender assigns the mortgage to a second party does the value of the benefits pertaining to purchase money remain the same?

Yes, if the lenders sells your loan to another lender. If you refinance -- No.

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