Financing in Sunnyvale>Question Details

Amy, Home Buyer in Sunnyvale, CA

Can my husband qualify for a first-time home-owner loan if I own a house under my name?

Asked by Amy, Sunnyvale, CA Wed Jul 16, 2008

If I own a house under my name, and we plan to move into another primary residence and keep the house I own as an investment property, can we qualify for a first-timer home owner favorable rate if we were to get a loan for the new house? If yes, can we be co-applicant for the new loan or must he apply for the loan under his name?

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Hi Amy,

I agree with Dot. Further, it would depend upon how you have been filing your tax returns. When you apply for the loan, the bank will typically ask for 3 years back taxes. If you have been filing jointly and claiming a home interest deduction, he will likely not qualify.

If he has been filing singly, and not claiming a mortgage deduction, he may qualify. Be aware that the banks are getting more and more stringent on their lending requirements, and that they are going to qualify you on being able to make the payments on both loans. But, every situation is different.

Even if you can't qualify for first time loan, there are still good loan programs out there. I have a great lender that has done loans in Sunnyvale and can explain options to you. Please contact me, and I'll give you her name. Thank you!
0 votes Thank Flag Link Thu Jul 17, 2008
Have you spoken with a reputable mortgage lender in your area?
If the house you own is paid for or even if you have a lot of equity in it, that may enhance your buying power rather than hurt it. This past Monday, the FHA changed the way they charge; it is now according to your credit rating and credit score; lower scores pay higher rates than those with high credit ratings.
Many of the downpayment assistance programs have also been changed.
I'm not sure if you're talking about the mortgage interest rate, DOA, or which first time homeowner program is still available in your area.
Please meet with someone in person who can answer all of your questions before making this major decision.
0 votes Thank Flag Link Wed Jul 16, 2008
Hi Amy,

You need to talk to a professional loan broker who knows all the rules and regulations. If you need a referral I would be happy to refer you to a very knowledgeable professional loan broker on the San Francisco Peninsula.
Take care.

0 votes Thank Flag Link Wed Jul 16, 2008

Most likely no, but I would say it depends on the state. I know in mine they dont consider who is actually on the loan but the people that are in the househould. Therefore, even if you are not on the loan but plan on living there they will check to see if you have owned a property yin the past 3 years to get you qualified. I just recently ran into this problem where a couple divorced and the husband wanted to buy a house but couldnt because in the divorcee decree their was a house listed under her name so they caught it. I would definately look into it with a local banker that offers that program and does alot of them, I could well be totally incorrect on this. Best Wishes!

Brent Bester
Mortgage Professional
0 votes Thank Flag Link Wed Jul 16, 2008
Amy, he would have to apply for the loan under his name and you could not be a co-applicant if he is getting benefits of a first time buyer.

If you want to check this out with a lender please email me and I will give you names of two lenders that I prefer to work with. They will be happy to answer your questions.
Web Reference:
0 votes Thank Flag Link Wed Jul 16, 2008
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