Home Buying in Michigan>Question Details

Tammy, Home Buyer in Michigan

my fiance and i are buying a home, he just sold his, i have not been on a mortgage in 6 years. this is my

Asked by Tammy, Michigan Tue May 12, 2009

question, my income is very low, do i have to apply for the mortgage since it will be his income that is paying the mortgage? can i be on the mortgage without applying?
i am on the purchase agreement. thanks

Help the community by answering this question:


good evening tammy......you do not have to be on the mortgage...you cannot be on the mortgage loan without applying...it really doesn't matter if you are on the loan or not.....if your husband's credit and credentials are strong enough to carry the deal, and you prefer not to be on the loan, then don't apply with him..you will need to attend the cloisng and sign the mortgage (not the note) the truth-in-lending disclosure and the hud-1 closing statement, because you are married and buying in michigan......marital status must be acknowledged on all real estate documents.....i hope that helps....bob mcclure- success mortgage partners, plymouth, michigan.......
0 votes Thank Flag Link Thu May 14, 2009
Absolutely. You do not need to be on the mortgage even though you are on the contract. However, as long as your credit would not jeopardize the loan approval, you don't hurt the loan by being on it and you will help improve your overall credit.

But, if he wants to obtain the financing on his own to help make the process easier, you should not have a problem.

Luke Allison
Bank of America Home Loans
0 votes Thank Flag Link Tue May 12, 2009
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