This is what a mortgage representative told me after calling Ruual Development & the Bank.
"The buyer has dower rights to her husband's property...the bank and Rural
Development will not allow someone to utilize this program if they currently
have adequate housing. I did get confirmation this morning on this
scenario, and unfortunately there is no way around this."
Sorry. If you have any other question I will try to help.
Marcia and I are located in Brighton. The affiliated lender with our office handles US RD loans and would be able to give you a confidential approval. There is a link in my profile to start the process.
To the best of my knowledge they charge no fees up front.
I believe, as Marcia stated below, the RD loan has a household income limitation that you may or may not qualify for... depending upon the area. As far as whether it can be in your name only, your lender should be able to make that determination. Your question had nothing to do with the first time buyer credit, although what I've seen so far involving "dower rights" in Michigan, married couples are not able to utilize this credit if one or the other has owned a home/condo in recent years. I've had wives inquiring about this exclusively... and so far, the answer has been either "no" or undeterminable. Let us know what you find out... as Kay also mentioned below, things are "changing all the time"...
Keller Williams Realty
I agree you need to talk to a mortgage representative. It is my understanding that it is household
income. Also as far as the first time home buyers credit I don't think you can qualify because your
spouse already owns a home. I can check for you or have an experienced mortgage representative
Provided you qualify without your husband's income and you and the property meet the guidelines, you should be able to take advantage of the first time home buyer requirements. Many programs exist and many more are being unveiled. I would recommend that you locate a mortgage broker/banker to discuss both mortgage qualifications and programs that you can participate in. We work Northern Oakland County, South Gennesse and Livingston County if we can be of assistance.
Kay Pearson and Robin Cutler
Max Broock and Real Estate One
31 S. Main Street
Clarkston, Michigan, 48346