Home Buying in 33063>Question Details

Stilllooking, Home Buyer in 33073

fha help

Asked by Stilllooking, 33073 Thu Sep 23, 2010

my husband and i cannot qualify for a home together because of his creidt, so i have decided to purchase the home o my own via fha, i remember reading something about fha requiring the non participating spouse to sign paperwork that would protect the purchasing spouse, so that he would have no claims on the house should we divorce. does this sound familiar to anyone. i may have it worded wrong but, i tried to find the information and i can't put my hands on it. can anyone explain this clearly to me, if you're aware of this fha policy?

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Please contact me, there is a local bank that my be able to offer you and your husband a conventional loan. Credit is not a major factor in their decision. The rates are low and you only need a minimum of 3% down.

Let me know if you're interested!

Ana Huffer
United Realty Group
0 votes Thank Flag Link Thu Sep 23, 2010
If the loan is in your name only, the lender doesn't require for your husband to sign the documents. However, the title company may require him to sign the mortgage and yes he will be on the deed.

A word of caution. If your husband's credit is damaged because of a recent foreclosure or short sale even if you were not on the note or deed, it may have an impact on your qualification, particularly if you lived in that property during the past two years. The lender may ask for the last 12 months mortgage history to make sure is satisfactory. Give me a call if you want to discuss further.
1 vote Thank Flag Link Thu Sep 23, 2010
Florida is a community property state, you should discuss with your loan officer and/or title company/atorney and have them explain it to you. I am licensed in two different states and rules are very different from state to state. Also in Florida Homestead Exemption refers to a credit you get on your property taxes if you reside in the prooperty as a primary residence but you do have to apply for it after closing, your Realtor can and should be able to explain this to you if you ask.

Enjoy the Florida lifestyle!
Web Reference: http://www.TheBeachLady.com
0 votes Thank Flag Link Fri Sep 24, 2010
Ask a mortgage professional who handles FHA loans. If you need any references let me know and I will send you a few reliable sources.

Best of luck,
Stefanie Cohen
Prudential Florida Realty
0 votes Thank Flag Link Thu Sep 23, 2010
In most cases the spouse who is not on the loan does indeed have to sign off on their homestead rights. You can simply ask your loan officer about this prosess, they will be able to assit you.

Please see my blog with tips and advice on the mortgage process
0 votes Thank Flag Link Thu Sep 23, 2010
Dear stilllooking,

Look for this advise from a real estate attorney
0 votes Thank Flag Link Thu Sep 23, 2010
Hi Stilllooking,

To answer your question, your husband has rights to the because Florida has "Homestead" exemption which protects his interest in the home.

Web Reference: http://homesbycarli.com
0 votes Thank Flag Link Thu Sep 23, 2010
When you "sell", even if the house is in just your name, your spouse must sign to acknowledge the sale because of Florida "homestead" laws.

When purchasing there should not be a need for your spouse to sign at closing.
0 votes Thank Flag Link Thu Sep 23, 2010
I'm not aware of that policy. I just closed on a deal that was FHA, the husband was the only one on the loan, and the wife did NOT have to sign any papers resembling what you've mentioned. Both of them are on the deed, too.
0 votes Thank Flag Link Thu Sep 23, 2010
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