It depends. How much is the price of the house? Could he qualify on his own or does he need your income? How low is your credit? Usually for FHA your middle score can be as low as 600. In state of Minnesota, for purchasing a house one person is enough to be on the loan. As a wife whether you sign on it or not, you have vested interest on it. For the sale of the house, we do need both of you to sign, so it sells. Minnesota Law: One to buy, two to sell.
So, do you have interest in the title regardless of whether you are on the loan? Because you are married yes.
If he can not qualify with his income alone, you may want to come in, you may increase your score or just come in, depending on your score. Our friends have answered you, you may also try Well fargo for that matter, when they qualify you directly, there is no, if, may be, sorta, kinda, lets see stipulations.... However there are lots of great Mortgage Consultants. This is more like a Mortgage question, but the general tips are related to what we deal with on a daily basis. Good luck in your purchase. Contact with any questions!
Broker associate, ReMax results, MN, 952-239-1697,email@example.com
612 701 6816
How you take ownership of the property is another matter and actually REALTORSÂ® cannot legally advise you there (we can only tell you the definitions of the types of ownership, but we cannot tell you which one you should take). Check with your loan officer and/or title closer. You may be able to put the property in both names right away and save yourself the added expense of changing it later on, but you still need to decide what form of ownership to use.
You can be tenants in common (sometimes referred to as co-owners) or joint tenants. If you take ownership as tenants in common, then if one owners dies, their interest in the property goes to their designated heirs. If you take ownership as joint tenants, then if one owner dies, their interest in the property automatically goes to the other joint tenant.
Hope that helps!
Spouses are also quite frequently added to the deed by the title company, as I was when we recently refinanced (even though loan qualification went soley through my husband). You will want to speak to the title company on which way you would like to take title, the most common two being Joint Tenants and Tenants in Common.
Consult with your attorney or a qualified title closer to find out about how your name can be added to the deed.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors