kit There are a couple of options on this. You can purchase with your parents as a joint tenancy. Also, for tax purposes, it might be better if your parents quickclam you onto the deed but check with your tax advisor first. fla-tan
Yes, very much so. Can you provide specific california lender names please. Also, is there any way to include the *omitted* spouses income (ie, the situation which would arise when a spouse had bad credit but one wanted to include the income on the mortgage app).
Hi, I am in Texas, a community property state, and My husband got a mortgage in his name only and the deed in his name only. I did not have any income to list and my credit was about the same as his so we decided to just put everything in his name. We went through a broker in Houston although I wouldn't recommend them because it took from Feb until June to close and there were several other problems I won't get into now. Our scores were in the mid 500's so we got an interest rate of 13.9% with an 80/20 loan. It was originally finance through LongBeach Mortgage and then was immediately sold to Washington Mutual. I did not sign a quick claim deed either as I recall. Just thought this might help. Thanks, Andra
The best way to include *omitted* spouse's income would be to go with a stated income program. The only thing verified is employment, but not income amount. There are other options as well and they would depend on credit score. fla-tan
I purchased a house 2+ years ago without my spouse on loan or title in Ca. Filed as "sole and separate property"; spouse was required to sign quitclaim deed and have notarized. Down pmt was 20%, although I think thats irrellevant. I don't know how or if you could include spouse's income since I qualified on my own. There was no problem purchasing this way and no explanation required. Currently financed with IndyMac Bank. www.indymac.com Good luck!
Damn, I am sorry -- I have been buried at work, and I just plain forgot to check on this for you. I will find out and post Monday, if not sooner.
I live in a CP state and we were originally approved for a mortgage in my husband's name only. All of my debts were included but my name would not have been on the mortgage or the deed. My income if I had any also would not be included. We ended up gettong an approval in both of names somewhere else so we didn't go through with it, but I know it can be done.
The only two I know for sure are Bank of America and Washington Mutual. There may be more, those are just the ones I am sure about.
