Quit claim deed advice

[Brian Hayes]

Me and my wife are buying a house to occupy, however the mortgage will be fully in her name only, as it is a conventional loan because she alone can qualify because of her employment status versus mine. However, I would like to purchase an investment property in my own name, possibly in the future when I am able to qualify on my own.

The question is:

Should I quit claim my name on the deed after we close on our house that we plan to live in? Or, will this possibly interfere with me purchasing a home solely in my name for investment in the future? This is Las Vegas and we already have community property laws. 

[Julie Sanchez]

Hi Brian, 

Congratulation on your new home! It really depends on what you mean by "interfere" and you qualifying. If you are concerned with how a lender may include a housing expense in your debt ratios then there are a number of factors to consider. Because we are in a community property state in NV it is likely a portion of the housing expense will be included in your debt ratios - whether you are on the deed or not because the home will still be your primary residence. Things such as if you file taxes jointly and take the mortgage tax deduction or if the mortgage loan is paid through a joint account will all play a factor. With limited information, I'm unable to fully answer your question but if you would like to discuss this further feel free to message me.