Financing in 55126>Question Details

Michael, Home Buyer in Saint Paul, MN

when applying for a mortgage with my fiance will they take into account her student loans repayments even though she will be in school for 3more year?

Asked by Michael, Saint Paul, MN Mon Oct 15, 2012

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They will count student loans even if they are not due. If she has limited income you might be better off financing the home in just your name. You can always add her to the title and when you are married she automatically owns half the house based on a law called spousal interest.
0 votes Thank Flag Link Tue Oct 16, 2012
Hi, Michael!
While the answers you have here are really good, I'd venture to say there are no simple answers to situations posed here without knowing the full scope of what you're basing your mortgage qualification on. Every situation is unique!!

It's a good idea to talk to a couple of qualified lenders to determine what might be the best way for you to obtain a mortgage. There may even be some special programs you qualify for that you're not aware of that would get you some downpayment money or better interest rates. Some of those downpayment programs turn in to grants if you remain in your house for a period of time!!

Please feel free to contact me via a private message if you'd like a few referrals for lenders who have knowledge of these great programs.

Good luck!!
0 votes Thank Flag Link Tue Oct 16, 2012
Michael,

Tina and Larry have put forth good answers. The best advice is to speak with a loan officer that is familiar with your situation. It will depend on income, debt, and credit score before you both and also when you will be married. I have had many clients in this same situation and my loan officer has helped them tremendously.

If you would like I can have them touch base and answer all your questions. Just send me a message. By the way are just looking in Aren Dills or you other surrounding neighborhoods like Shoreview, Roseville, and New Brighton? Thanks and good luck!

Ryan
0 votes Thank Flag Link Tue Oct 16, 2012
Speak with your lender. My guess is they will advise you to not have your fiance on the mortgage loan. She may still be listed on the deed as these are two completely separate documents and this is relatively common. She would be required at your closing to sign a document essentially acknowledging that should the bank foreclose on the house for your failure to make payments that they would be foreclosing on the entire property and not "your half"

Congratulations both on your upcoming marriage and on your first home, I wish you all the best.
0 votes Thank Flag Link Tue Oct 16, 2012
What if her grandparents are gifting us the down payment. Will she have to be apart of the mortgage or no?
Flag Tue Oct 16, 2012
If your fiance will still be in school, then you would just apply for the mortgage under your own name. This would leave out your fiance's student debt. You can still have her on title for the home.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Oct 16, 2012
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