Mary Jane - a mortgage lender can give you detailed information to help you, the result will probably be that you would want to do it solely in your husbands' name. Please feel free to call our in-house lender, Mike Maguire at 570-872-4234. And if you purchase before July 1, 2009, you may be want to taske advantage of the first time buyer tax credit of $7500 . The tax credit is available for first-time home buyers only. The maximum credit amount is $7,500. The credit is available for homes purchased on or after April 9, 2008 and beforeJuly 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. The tax credit works like an interest-free loan and must be repaid over a 15-year period.

How did you make out??? Give me a call Cynthia @ Significa Realty 610 681 8247

Hello,

Have you found what you needed yet, if not please contact me or my website http://www.herblindley.remn.com

we have a home for sale In Blakeslee PA. 263000. beautiful 3years old on two acres. If you are qualified let us know

My suggestion is to use his credit, go visit a mortgage broker and get pre-qualified so that you know how much house you can afford before falling in love with something you can't. Once you are pre-qualified contact a real estate professional in the area who can help you find your new home. Please let me know if i can be of any help to you.

MaryJane,
Yes he can buy a home without your credit! For more information please contact me at: 570-656-2685.

You can purchase a home using only one person with the excellent credit. The other person may be added to the deed but not the mortgage. Adding the other person to the deed is conditioned on the lender approving the other person being added. Right now mortgage rates are low and the asking prices are coming down. Talk to a mortgage broker or bank to see what you can exactly do at thie time. You'll be surprised what programs and properties are available.

You actually have a few options. You could work at improving your credit. If that isn't an option, you could purchase the home with just your husband on the application. You would only be able to use his income, but it may be enough to qualify for the home you want to purchase. More information is needed to give more specific advise. Feel free to contact me or another mortgage broker you trust.
Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318 http://www.mortgagepro.instantlender.com

Hi Maryjane,

My client had a similar situation like yours, so she had her husband do the purchase with his name on the deed and mortgage. Three payments later, the husband requested his wife be added to the deed, but kept her off the mortgage note. They pay their mortgage from one joint checking account and take turns writing the checks so she can demonstrate she is entitled to the tax benefits if anything happens to him because they have an equal amount of cancelled checks showing they each pay for the home from marital funds. I am not a CPA and do not know the specific reason why their tax expert advised them to do it this way, but she is very happy with the arrangement. They plan to refinance the home with both names on the mortgage when her score improves. They immediately updated their wills upon the home purchase and were advised to do a living trust as well in tandem (e.g. something positive explained about not having to go through a court probate proceeding if her hubby died before she was placed on the deed to get the house).You may want to speak with a tax expert about these possible options.

Regards, C.

You could do the stated income route. But some lenders are not doing that anymore.

Mary Jane - this is not an unusual situation. If one person has a good income and decent credit, it is not a problem to purchase the property in only one name. You may want to consider speaking with a lender. I could recommend a no obligation phone call to our in-house mortgage company's representative, Herb Lindley. He can give you information that may help. His phone number is (570) 982-1521

Mary Jane,

First of all congratulations on your engagement and pending marriage. Nothing better than a wedding in the Poconos!

With credit and lending standards changing so quickly, I would suggest sitting down with a mortgage broker and have them analyze your entire financial picture...really dig into the details. Speaking in generalities will only frustrate you and possibly yield poor advice. As your wedding is a few months off and you may not be serious about buying immediately, take your time and talk to someone about cleaning up your credit. It may not be as bad as you think, especially if you pay your bills on time. Knowing your credit requires occasional maintainence.