If you are married can one of the spouses finance a home on their own?
My husband has great credit, but prior to our marriage I had a rough patch while trying to finish school. I am cleaning things up so I was wondering can he finance a home with out my name on it? His credit is better but my income is greater! What should we do?
Bookmark To
Comment by T M
yes you can. but marriage is a bad idea anyways. it is an outdated concept used to enslave women. stupid breeders
Posted on September 3, 2010 at 5:31 pm
Comment by Sarah G
I don’t see why not. I think you can talk to a mortgage company and find out if it would be better rate wise for him to go it alone or to put your name on too for the income, and then choose the better of the two rates. I’d call up whomever you want to do business with and explain the situation with them and see if they can’t give you rates for both him alone and you and him. Just a thought.
Posted on September 3, 2010 at 5:42 pm
Comment by Expert Realtor
Yes, you can, and there isn’t anything wrong with that.
Here is the catch:
If only your husband is going on the loan, then ONLY your husband’s income can be used to qualify for the loan.
Your name, can and should appear on title (and in some states, it’s required if you are married).
Posted on September 3, 2010 at 6:18 pm
Comment by homebrew
So many banks, so many different rules, and so many possibilities. This is one for asking direct to the lenders. Make an appointment with a lending institution for information. Won’t cost you anything. In the end, it will all be about his ability to pay a loan back on his own in the eyes of the lender.
Posted on September 3, 2010 at 6:36 pm
Comment by jimbnimble
Yes, but It comes with its own set of problems. You mentioned that you make more than your husband. Banks are going to go off a ratio called DTI or debt to income ratio. This is basically how much debt you have versus how much income you have, if this number is under 35% then you have a pretty good chance. If it is not then you are going to have issues. The trick would be shifting debt in to just your name so that your husbands income will qualify. Some secondary market lenders have programs that allow for combining income but not credit. It would depend on the state you live in. There have been many laws passed in the past few months against secondary market lending. Check with a broker in your area. Also remember that FHA programs have expanded. They offer the closest to 100% purchases (97%) that are available. They also are not credit score driven. So it may not be necessary for you to be left off the loan. You may also live in a state with community property laws. In these states you don’t have to be on the loan, but you do have to be on the deed. This means that you will have to sign the deed of trust, but you won’t technically be on the loan. If I were you I would check in to FHA programs first, you don’t have to be a first time homebuyer to qualify, then check with a local broker. I would have at least 3% in the bank after that you should have a good chance. GOOD LUCK!!!
Posted on September 3, 2010 at 6:47 pm
Comment by Tony D
He can buy and finance the property individually. You will likely have to sign a quitclaim deed or similiar to release your community property interest and allow title insurance. I just did this exact deal without my spouse who has horrible credit.
Posted on September 3, 2010 at 7:22 pm