Financing in 92122>Question Details

rathikala.m, Home Buyer in San Diego, CA

Hi, I applied for housing loan to buy a property,and now my question is can I buy that property in my spouse name?she is a home maker .

Asked by rathikala.m, San Diego, CA Mon Apr 1, 2013

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0 votes Share Flag Financing in 92122

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Hi there, yes you may amend an escrow document with new borrowers and remove old borrowers at will. The question will be whether you proceed conventional or FHA. FHA has a policy which allows them to look at BOTH borrowers when married, regardless of who is on the 1003 Application. Conventional loans do not mandate this.

Many other factors.

Please call 619-517-6060
0 votes Thank Flag Link Sat Jan 25, 2014
Taking your question literally, "No", you could not buy a property in your spouse's name solely since (apparently) she has no income as a home maker. Yes, she could be on the title...either done through the loan process or through a quit claim after closing...the lender will determine if it is allowable during the loan process.

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.

NMLS #279125
0 votes Thank Flag Link Mon Jul 8, 2013
If this is a new purchase, you can have BOTH names on Title, and ONLY you on the loan.

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
0 votes Thank Flag Link Sun Jul 7, 2013
Your spouse will need to be on the title through a quit claim deed or per-approved on the home loan for her to have a recorded interest in the property.
0 votes Thank Flag Link Fri May 10, 2013
That will depend on your lender & how much you have to put down...
0 votes Thank Flag Link Fri May 10, 2013
I have one loan program that might do that, it would be based on the deposits into your bank accounts.
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.

Rich Littlefield
Pactrust Bank
NMLS 287206
0 votes Thank Flag Link Fri May 10, 2013
Our portfolio bank statement program may work for you. We could try it if you like.

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
0 votes Thank Flag Link Mon Apr 1, 2013
Hi Rathikala,
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.

Sinead McAllister-Clifford
Real Estate Broker/ Realtor®

McAllister Homes Real Estate
Residential Sales & Property Management
License 01366009
858-205-5215 CELL EMAIL
0 votes Thank Flag Link Mon Apr 1, 2013
You can be co applicants if you reapply for the loan including both parties signatures. California is a community property state which means your spouse can relinquish reaponsibility by not applying and simply signing a quit claim deed for equal ownership in the property.
0 votes Thank Flag Link Mon Apr 1, 2013
The short answer is "No". . If you apply for a loan and qualify for the loan the spouse can be added to the loan however, you must also be on the loan and the deed.
Hope this helps!
Mike Disney
0 votes Thank Flag Link Mon Apr 1, 2013
Hi, The contract that escrow processes must be the same as the name on the loan. If your name is on the loan then you must be on the contract. You can add your spouse to the title after Close of Escrow through a quick claim deed.

Frederick Remick
Keller Williams RE
0 votes Thank Flag Link Mon Apr 1, 2013
If you are taking out a loan, you will initially be on title. You can add your wife to the title after the deal is closed. There is a piece of paper that any title officer and provide you to do this.
0 votes Thank Flag Link Mon Apr 1, 2013
Purchasing a house is not all about the loan. Whose name is on the title is also a matter of some concern. It may not seem really important right now but in the event of the death of a spouse, a divorce and taxes (to name a few) it can become quite an issue.

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.
0 votes Thank Flag Link Mon Apr 1, 2013
Does your spouse have an income? There are a lot of factors that go into qualifying for a mortgage, one is income. Another is the amount of debt that person carries as compared to their income, in other words, after all the other bills have been paid, is there still enough income to pay the mortgage as well. Another factor is credit score, a history of paying bills on time. Unless your spouse has an income, and most home makers do not, then the answer is no.
0 votes Thank Flag Link Mon Apr 1, 2013
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