Texas is a community property state. Does this mean that I can not apply for a mortgage w/o my husband on the application?
Howdy Texan! I am a Texan too (Kingwood). Your husband does not have to be listed on the application. He does not have to qualify in order for you to be approved for a mortgage. He will, however, be listed on the title as a joint deed holder. This is due to the community property statutes. It will be his house too legally.
Hi LisaMc... we are actually in OH now, but starting to think of moving back to Texas... we miss it! Anyway, thanks for the info. My credit problems should be cleared up by the time we move again, but my hubby's credit report issues are proving to be very difficult to overcome. I was afraid we would have to get divorced in order to get a house if we move back to TX!
Actually, we have a year left here in OH. We would be moving back to Austin, near friends and family. Going for a visit in a few weeks... makes me home sick just thinking about it.
Hello fellow Texans! My husband and I are wanting to get a mortgage loan soon too, but there is still some work to be done on our credit reports. His report is actually better than mine so I am glad to hear that only one of us can apply for the mortgage loan. Question: Since he will be the one applying does this mean only his salary will be considered? By the way, does anybody know of any mortgage loan companies in Tx. that help people with bad credit?
If you have issues that you know are going to pop up in the mortgage process, you would be better off going with a reputable broker. I say this because my husband and I just went through this. We thought he was going to be transferred, so we had to apply for a mortgage. A friend of a friend is a mortgage broker. They were able to get us approved, through FHA, at 6.75%, 3% down, 30 year loan. Everyone else told us "no way". Our scores were in the mid 600's across the board, but our CH13 BK was only 14 months old (we are still paying on it for another year). I think it just depends on who puts your mortgage package together and how well they know the underwriters. It can be done. I would not advise going through a quickie, online application. You are just going to rack up another inquiry and probably not get the mortgage.
Wow! Thanks for the info. I was just about to look into online applications for mortgage loans. I am glad I didn't.
Hotsauce When only one person applies for the mortgage, only that person's income and credit are used to calculate whether or not you qualify. Does your husband have the higher income? If not, then you may want to consider a "Stated Income" mortgage if total income is required. You will pay a little higher int rate but can use whatever income is "stated" to qualify income wise. Good luck in your house hunt. fla-tan
