Home Buying in 92223>Question Details

Isabel, Home Buyer in 92223

Can my husband purchase a home in California with only his name and credit? What type of loan and bank can do this?

Asked by Isabel, 92223 Fri Sep 2, 2011

Can my husband purcahse a home in California, Riverside County with only his name and credit. I have debt (student loans) that are my own and I dont want to be included in the mortgage or the property. We do have rental property in another state so this would not be our or his home purchase first home purchase, I am with him on the loan in our rental property. We tried the VA loan at first and they wanted all of my information so now we are willing to do any loan as long as I can be excluded. I have called banks (credit unions) and spoken to the mortage department and they tell me its not possible, that I have to be included because it is a community property state. We are currently renting from my parents to save up enough for the down payment and pay off his credit cards, since I heard a conventional loan can be up to 20% down. If it is possible then what banks and what type of loan can do this?

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Depending on the credit profile of both you and your husband there may be options for him to purchase the home on his own. However, you being married, you will have to sign off on the home for the loan qualifiying process if the lender agrees. If you haven't already it might be a good idea to get in touch with a lender. I can send you some recommendations if you would like. Please let me know if I can help.
0 votes Thank Flag Link Wed Oct 24, 2012
I have dealt in distress property since 1973, here in California. In 1978 to 1982 we could buy property "subject to" without problems. Then the Garn bill in '82 changed all that, and a lender could insist that a buyer qualify for any loan on a property-or get a new loan.

Today in many cases and as maybe you have found out, because loans are hard to get, the property loan becomes primarily important in many cases. We just arrange with any property owner to deed his property into a beneficiary directed Trust and have them "give" a portion of the Trust to the tenant-to-be. The Trustee then sets up a lease with the Trust and the tenant, which allows the tenant to legally write-off all interest paid and all taxes paid. The tenant is the 'property manager.

I'm not sure what Trulia allows, but all the details can be found at http://www.landtrust.net My fellow members and I have done over 70 Trusts in Riverside alone. I'm in Beaumont, Ca. and in the phone book. I can do this anywhere in the USA Helping you would be very easy-no credit, down pay is like renting, and we don't care if you have judgements. Grampa Jack Dopp
0 votes Thank Flag Link Thu Oct 4, 2012
Yes, you can buy without credit. I just helped a couple today buy a home by rent-to-own which gives them full ownership rights [tax wise etc, and we don't care about their credit. grampa27@roadrunner.com
0 votes Thank Flag Link Sun Sep 30, 2012
You would need to speak with a lender. But, if your husband qualifies, he could purchase a home in the state of California as his sole and separate property--just as long as you agree and sign off.
0 votes Thank Flag Link Mon Sep 5, 2011
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