Financing in 91911>Question Details

Cautious Hom…, Home Buyer in Chula Vista, CA

First time home buyer loans? I purchased a condo 10 years ago before I got married and I still own it... Can my husband qualify for a home loan me?

Asked by Cautious Homebuyer, Chula Vista, CA Sun Sep 30, 2012

0 votes Share Flag Financing in 91911

Help the community by answering this question:


Yes, and if he has a minimum 580 fico score he would qualify for only half percent down payment. Give me a call to go over your options of loan programs. Here is a flyer and a needs list to qualify.
Let's go over refinance options on your condo as well. Rates are in the 3%'s...
Sheryl Arndt, Broker – Loan Officer
DRE# 01440252
NMLS# 297251
0 votes Thank Flag Link Mon Oct 1, 2012
Cautious Homebuyer - not all lenders will include both of your debts, if you read what I wrote below, conforming/conventional loan programs only are concerned with the borrowing spouse, not the non-borrowing spouse.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Mon Oct 1, 2012
Yes he can. Call me @ 619 425-9746
0 votes Thank Flag Link Mon Oct 1, 2012
We both have excellent credit history, but I just thought maybe some of the 1st time homebuyer loans and benifits would not apply to us because I own property. I bought the property 10 years ago and we've been married 6. I just know that banks now want to qualify us including the condo and a new home loan in the debt to income ratio... So we may be approved for a smaller amount.
0 votes Thank Flag Link Mon Oct 1, 2012
To be a first time home buyer, you cannot have owned a home in the last three years. The length of time you owned the home isn't important.

Are you thinking that a first-time home buyer loan would offer lower interest or down payment requirement? Right now, interest rates are really low anyway, and an FHA loan only requires that you live in your new home, plus the down payment is only 3.5%. There are 3% loans available on some bank owned properties and you can get a conventional loan with 3% down too.

The basic difference between a low down payment conventional loan and an FHA loan is that conventional loans have higher interest rates but lower mortgage interest rates, while FHA has lower interest rates but higher PMI. The best thing to do would be to talk to a couple of lenders to see which one would work best for your husband, and I'd be happy to send you a couple of trusted lenders that routinely close loans in 30 days.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
Lic # 01443391
0 votes Thank Flag Link Mon Oct 1, 2012
Good Morning Cautious Homebuyer,

I believe the key to your concern is taking advantage of 1st time Homebuyer programs. You have had your condo for so long that it doesn't disqualify you. Generally it is anything owned over 3 years, but even then there are special circumstances where you can still qualify for First Time Homebuyer Programs.
I have a wonderful lender in Chula Vista who would love to answer any more of your specific questions so you can make the best decisions for you and your family and lock in these great interest rates that we are seeing.

Rachell Lara
Keller Williams Realty
0 votes Thank Flag Link Mon Oct 1, 2012

In California the lenders will request financial records for both the husband and wife regardless of who will be on the loan. Lenders like to know if you or your spouse may have a foreclosure or bankruptcy on record as well.

I have really great in-house lenders that I could have contact you to see what we can do for your family. I also have lenders that seek difficult, poor credit, bankruptcy situations as well but it all depends on what your current situation dictates.

You didn't specify why you would keep your name off the loan, but if it is for first time buyer reasons only and not related to credit then you should be fine. Please feel free to contact me anytime to get you pre-approved and into your new home ASAP!


Rashard Scott
Keller Williams Realty
0 votes Thank Flag Link Sun Sep 30, 2012
In community property states (such as California), government mortgages (FHA, VA, USDA) require that the non-borrowing spouse's credit is checked to include the required minimum payments solely debt in their name into the borrowing spouse's debt ratio. That means 1 spouse has to qualify for both spouse's debt payments. Technically the credit score from the non-borrowing spouse isn't required to be used, but a few lenders will consider the credit score & any delinquencies on it. These types of mortgages are not just for first time homebuyers. Anywhere from 0% down (USDA & VA) to 3.5% (FHA) is required.

However conforming loan programs (Fannie Mae, Freddie Mac, and other types of conventional) do not require a credit check on the non-borrowing spouse. They are also not just for first time homebuyers. With excellent credit and buying a primary residence it will permit just 3% down.

Shane Milne | Lending in all 50 states | NMLS #81195
0 votes Thank Flag Link Sun Sep 30, 2012
Hi cautious home buyer
California is consider a community property state, even if you want him to apply for a Loan and purchase a home with out you, since you are married the lenders will still require your personal and financia information. Is there's a particular reason why you what him to apply with out you? if you would like more info please feel fee to contact me, I'm in Chula vista CA, Hugo Sanchez Realtor in California.
0 votes Thank Flag Link Sun Sep 30, 2012
sorry I meant to write *without* me
0 votes Thank Flag Link Sun Sep 30, 2012

At any given time, the lender will look at many things, amongst which one of them is debt to income ratio. If both of you have enough income to pay for a new home, which considering all the debt (including payments of older homes purchased), they will be more likely to qualify for a loan.

This statement is simply one of the several things they look at. Other important considerations include credit score, assets, income, purpose of purchasing home, tax returns, etc

I would talk to a Lender right away who can guide you for your particular scenario.

Best of Luck!

Nick Gandhi
Equity Capital Real Estate
(203) 280 3838
0 votes Thank Flag Link Sun Sep 30, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer