Home Buying in Rohnert Park>Question Details

Lina, Home Buyer in Rohnert Park, CA

Can I buy a home without my husband, who has bad credit?

Asked by Lina, Rohnert Park, CA Thu Feb 7, 2013

My husband recently filed for bankruptcy (withing the past 2 years). I am a first-time home buyer and I would only have my name on the loan. Due to these circumstances, can I purchase a home without him on the actual deed of the house? Does he need to sign something? Will his bankruptcy affect my chances of getting approved for an FHA loan? Being California is a community property state, how does this play into my situation?

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Hi Lena,

I have worked with several married buyers that have purchased property using only one of their names. Not only for bankruptcy, but simply when one of them has a credit score that is lower than their partner's credit score, enough to change the intrest rate available to them to a higher rate.

One main thing to think about is that if you are the only one on the loan, the lender will only use your income to qualify for the loan amount. With interest rates so low at this time, you may qualify on your own!

If you are interested in properties in the Sonoma County area, I have been helping Buyers & Sellers since 1984 in this area, and know Rohnert Park and the surrounding areas quite well. Please email or call with any other Real Estate questions; I'd be happy to help you!

SHER Miersemann 707-584-9682

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0 votes Thank Flag Link Tue Mar 26, 2013
Lina - you most likely can't use FHA financing, but conventional financing still may work...

Oh, you said he filed for bk, did he actually complete this process and get his debts discharged?

Has anyone pulled his credit to see what's reporting?

These are just a few of the related questions, feel free to contact me if you'd like me to review all the specifics to your situation...

thanks, Jeff Marr
0 votes Thank Flag Link Sun Feb 10, 2013
Best to seek out the advice of a loan broker and not a particular bank or credit union, so that the broker can best advise you of the options that might work best for you before any credit reports are pulled. I have helped others in this situation, and have also helped extended family members buy a house to be able to have the income to qualify with. A team approach is the best, finding a lender, agent and inspectors who are all there to help you over the goal! Best, Terry Bell, CPS Real Estate, Sonoma County.
Cell: 707-292-5712
0 votes Thank Flag Link Thu Feb 7, 2013
Although FHA will ask for a copy of your husband's credit report, they are looking for additional monthly obligations not quality of credit. As long as you qualify with his additional monthly obligations, you are good.
If he has had a short sale or a foreclosure and you were living in the property when those occurred, you may have a difficult time getting around that.
Husband will need to sign Quit Claim Deed as per California's Community Property guidelines.
Get all your documents in order and find a reliable loan agent in your area to go over your file complete with your credit report and husband's.
0 votes Thank Flag Link Thu Feb 7, 2013
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