Many other factors.
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There are many reasons why to add, or leave off, a spouse on a transaction. Financial consideration and/or credit qualifications are the most common reasons. On a conventional loan, leaving a spouse off title can avoid issues with credit and/or additional debt. However, on FHA loans current overlays require lenders to pull the non-borrowing spouses credit and to include any debt, collections, etc. to the debt to income ratios. The credit scores, in and of themselves, will not impact the borrower's qualification; however, additional debt could be an issue. Do bear in mind, this requirement applies to states that are legally community property states only.
Now if you wanting to get the loan but ONLY have your spouse on title you can:
Buy the home in BOTH your names, with you securing the financing and then after the escrow closes sign a QUIT CLAIM, which will make you no longer a legal owner of the property. Your spouse would be the sole owner.
Best of luck to you!
Kawain Payne, Realtor
You would need her to have a 720 credit score and 35% down. The rate is 3.5% 3.58APR for 10 year and adjustable after that.
We use 12 months bank statements to prove your income.
It requires a 720 credit score, 20% down, 6 months reserves at closing.
The loans are fixed between 3 to 10 years and then are adjustable and amortized for 30 years.
Rates right now are in the low 3% to 3.75% depending on a number of factors.
let me know
There are some additional questions I would ask you: 1) Are you asking if you can have her buy it INSTEAD of you? The answer is most likely "no," as your income is probably the basis for qualification. 2) Are you asking if she can be on title WITH you? The answer is "maybe." Some lenders allow for non-borrowing spouses to be on title. If they won't allow it, you do have the option of recording a deed after closing to add her to the title. I know all about this, so if you have additional questions, feel free to contact me directly.
Real Estate Broker/ RealtorÂ®
McAllister Homes Real Estate
Residential Sales & Property Management
Keller Williams RE
If your spouse is a homemaker and you buy the property in her name, the mortgage will most likely have to be in her name. If she does not have any income, she would not qualify for a loan.
Another option would be to purchase the property in both of your names. This will give added benefits both in ownership but also maximize the ability to get a loan. For example if she has the better credit but you have the income.