Non-purchasing spouse
Can anyone explain non purchasing spouse and what types of loans allow for this agreement to be signed. I read somewhere that its allowed for FHA, but what about conventional? Also I read that there are some conventional loans that will loan 95% with a median score of 620, is that correct?
GREAT QUESTION
Tom is correct with his answer
At anytime two people can purchase a home it depends on how all is structured between two parties involved.
I am a Dallas realtor and loan officer “one stop for all your real estate services”
Here is a direct link if you are searching DFW homes for sale
http://sites.google.com/site/dallasbankforeclosureslistings/
CONTACT OUR OFFICE TODAY
972-699-9111
Lynn A. Crosby ~ National Featured Realtor
"...Specializing in Residential, Commercial Properties and Loans..."
Dallas Realtor, and Credit Repair Consultant -
The Michael Group - "Dallas Business Journal 08' list top realtors"
Dallas Loan Officer -
Dallas Real Estate Office: (972) 699-9111
Dallas Real Estate Website: http://www.lynn911.com 60,000 listings Dallas homes for sale
Unlikely to get PMI at 620 on that conventional loan.
FHA does allow there to be a non-purchasing spouse but that spouse's credit is pulled and their debts are added to the borrower's debts. However, the non-purchasing spouse credit is not a factor in getting the loan.
Please feel free to follow up with me directly for specific questions!
Tom Burris
Mortgage Banker
DallasLoanGuy.com
Hi Erica,
Your best bet is to contact a lender for a full explanation. They are experts in their field. If you need the name of a good one, just send me a quick email at truvaluerealty@gmail.com and I will be happy to provide you with contact information. Thanks and good luck!!
Jackie
Didn’t find what you were looking for? Ask a question!
More Q&A about Home Buying in Arlington
View all »
Ask a question
|
|
|
|
|||||||||||
|
|
|
|
|
|
Fair Housing and Equal Opportunity