I just was going through the FHA website and came across this section regarding loans with only one spouse: Non-purchasing Spouse: If a married borrower is purchasing a property by himself/herself, the credit obligations of the spouse must be included with the application and will be factored in with the borrower's credit obligations and used to determine the financial capacity of the borrower. Furthermore, the non-purchasing spouse may be required to sign a security instrument or documentation relinquishing all rights to the property. Now that totally stinks, I was hoping he could get this alone, but apparently they will count my credit, are all the other programs similiar in their guidelines, if so I guess I will change by darn plans again
RE: divorce him, What happened to getting credit for the wife only...the husband only...and then joint accounts if or when THEY CHOOSE???
RE: Well CRAP mortgage quest Hey Mom, I am in the process right now of closing on a house in December. It was supposed to be ready in November, but they are now 30 days behind. OH sorry, had to vent. Anyway, I am currently going with a FHA loan; however, they have not asked me a thing about my wife. She has not be asked to sign anything, but perhaps maybe they'll bring all that up at closing. Mike G.
RE: Well CRAP mortgage quest If you have joint accounts, they will be counted in your debt to income ratio. However, if the accounts are only your spouse's, then you can prove that they are not yours by providing a copy of a credit statement. If you are married, your spouse will need to sign some of the paper work. And a homestead waiver. Meaning he is waving his rights on this loan.
RE: Well CRAP mortgage quest Thanks Mike, I have heard from most that they do require spouse's credit obligation. but if yours goes through without it please let me know. If I may ask what was the reasoning for not putting her on loan?? And by the good luck with your new home
