The question of who is on the deed is a question for an attorney. I have seen it both ways. Florida has special rights for spouses whether they are on the deed or not.

Martha Vasquez
Realty Resources

I doubt they'll let you put your name on the deed if you're not also named on the loan. Are you comfortable with having no* rights to the house? Protect yourself -- be sure you're covered if anything happens to your husband or your marriage (particularly since you say you don't have an income!).

* In case of death, yes you'd probably get at least something from probate, but that could be a nightmare (we had to "know somebody" to get a court hearing for MIL's estate in 18 months -- otherwise the wait would have been ~3 years!). In case of divorce, does your state recognize community property? Also, does your husband manage money well? If not, he could run up debts and hock the house to the hilt without your knowledge, and there'd be nothing left for probate or divorce court to apportion after the lenders got done.

IANAL so anyone who knows better feel free to jump in!

We had a similar quandary once, and the bank ran us both together and separately and found that we got a better rate together. I find it odd that the bank/broker has not offered to do this for you. Once you put a dollar value on the difference (if any), then you have to decide if the savings are worth the risks. Good luck!

M. Jfferson,

The Florida market has been beaten further down for longer than PA from what I've learned talking to other Realtors from PA. Investors are coming back to our market because there are some great deals - particularly with programs for first time buyers. Interest rates are very low as well but I don't know what the situation will be in 6 months. Timing the real estate market is like timing the stock market - you only see the bottom after it has gone back up.

Martha Vasquez
Realty Resources

Thank you for all the input.
I will talk to a mortgage broker and see if my score helps or not the final rate, I'll keep you all posted.
We are actually planning to buy a house now so that we can take the$8,000 tax credit for first-time buyers ( we qualified) and if we do it so, we might applied it to our 2008 tax return and have money back soon.
Any thoughts on that?

Great question....You have no reason to use your credit score because you have no income to add. So using you would bring the total score down and cost you a higher rate. I would have your lender, show you both senerios and see if it makes a difference. You have a good credit score, so it might not make any difference. Putting you on the loan would then help your credit score go up. I would be curious to know what you find out. Good Luck.

My advice - don't buy ... yet!

His score is ok - but you have some time on your hands. Your market is badly beaten down and still getting worse. Use more time to get HIS score up - it's on the cusp right now. If you can - get his up to 740-760 - and yours as good as you can (preferably above 700).

This can easily be worth at least 1/8 or 1/4 of a point on your mortgage and so this adds up rather quickly.

Here's some info that will help:
http://money.howstuffworks.com/personal-finance/debt-managem…

You mentioned that you don't have an income - I'd recommend that you get some kind of job, even if it's only part-time (perhaps you are taking care of a child) - and put every cent of that to paying off your cards.

When you are really ready, you'll have your loan all layed out, with a better rate, and positioned to really take advantage of a distressed buyer and get a good house.

If you would like to speak with a mortgage expert to give you the best answer to your question I have a couple of people that will talk to you with no obligation. Closing costs depend on the specific transaction. FHA has some costs that sellers pay but you can ask for more. On the closing statement that amount will be credited to you and debitd from the seller.

Martha
Martha@MarthaVasquez.com
Realty Resources

Yes, just have your husband be the buyer!

As for the Seller assist, your real estate agent should know how to do that and how to negotiate.

If not, your mortgage broker can put the deal together for you.

Good luck!