Hi There- On the surface this looks good and shouldn't be a problem. Why do you think a loan might not be possible ? The key reasons we are denying people on loans are , Poor Credit (620 or less)-Income (need 2 year history and must be in same line of work), and loan to value combined with poor credit cause lender and or mortgage insurer to deny. Debt to income ratios above 45%. But in the above scenario you seem to have most of these covered. Is the income above monthly or annually ? A quick estimate, it it costs about $477 per month for every 100K you borrow for principal and interest on a 30 year loan at today's interest rates. The debt to income ratio limit is 45% in most cases, but in some cases I can go to 55%. If you would like more information email me at firstname.lastname@example.org. Have a great day. WE specialize in Real Estate and Finance in the Conejo and Simi Valley area.... more
I had a case like this 1 year ago. One of my former clients passed away and his wife (who was not on the loan) wanted to retain the property. Luckily my clients decided to Quit Claim his spouse on title after closing. Now on title, she has right to the property. She decided to keep quite and continue making payments. To date the current servicing lender has excepted all payments and has not called the Note due via the Acceleration Clause in his loan documents. There are ways to protect yourself via a Family Trusts, I would advise that you and your husband speak to an Attorney or Financial Planner to better prepare for any unforeseen tragic events.
The only thing I would add is that if you dont have your 3-6 month safety net savings, I would probably put the "ponts" into a savings for your safety net. I am often surprised how little people have saved for a rainy day. I'm a Realtor, not a financial planner, but I really think, especially in these times, that the safety net savings should not be neglected, especially by homeowners. Good luck!... more