Hi Jellyfish, if the Title AND Promissory Note/Loan has only been in your name then your husband won't be affected by your recent Short Sale. As Frederic lays out below, your husband's option to go with FHA financing will be scrutinized by the underwriters looking into your credit, but with its liberal 3.5% down option you should absolutely explore this as your very first option.

I have two excellent FHA Specialist referrals if you would like to move forward with investigating this.

Best, Steve

Hello Jellyfish,

Thank you for asking your questions on http://trulia.com

The question of "if he can buy a home under his name" depends on the type of financing he will be trying to obtain.

FHA financing requires only 3.5% down payment and although you do not want to be on the loan, HUD (the agency who insures FHA loans) requires the spouses credit be reviewed since you're married.

If your husband obtains a conventional loan, which may require down payments from 10% to 20%, the non-lending spouse will not be considered (in most cases), however individual lenders may have added additional requirements since the credit crisis began.

In any event, check with your lender before making any offers on property or falling in love with a home you like, since it may or may not be possible to purchase depending on your circumstances.

Keep in mind, my comments and answer may be only one possible outcome as there are others to consider, however these are the most common reasons to review.

I'm "Your Imperial Valley Housing Specialist" located in the Imperial Valley to help you buy the home, therefore keep my information handy for assistance in buying your home.

Sincerely,

Frederic Din, REALTOR(R)
EXIT Stepping Stone Realty
"Your Imperial Valley Housing Specialist"
IVForeclosures.com
info@ivforeclosures.com
760-344-5363
619-241-4415

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