Can you get a mortgage with just one spouse's name on it?

Asked by Theresa, Minneapolis, MN Wed Mar 26, 2008

My credit is not very good, although I am trying to rebuild it. (I had a Chapter 13 bankruptcy that was discharged in 2003, and I don't want to apply for a mortgage until it is off my credit report.)
My husband has perfect credit, and decent income. Can he apply for a mortgage by himself? Can I be on the deed? Can we re-fi in the future with a joint application?

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Todd Norsted, Agent, Maple Grove, MN
Thu Oct 14, 2010
....yes, it still applies. There possibly may be some loan products out there that only allow the person on the mortgage to be on the title. You can certianly re-fi with both names on a new mortgage with qualification.

Aaron is correct on the marital property too. If you are married at the time of purchase, you have a marital property interest in the property, whether you are on title or not.

And we can line you up with great mortgage people to talk to, if you'd like.

I hope that helps.
1 vote
Hi my name is Heather my husband had his house because we got married. And just told me that he doesn't want my name on the refinancing of the house. because in his first marriage he lose his house.
Flag Mon Sep 18, 2017
, ,
Wed Nov 17, 2010
Hi, Theresa

The short answer to all your questions is: Yes.
0 votes
Celia Hogan…, , Sioux Falls, SD
Wed Nov 17, 2010
Yes, one person can get a mortgage. You can add the other person to the title at a later date. Please speak to your lender.
0 votes
, ,
Mon Oct 18, 2010
Hi, Theresa. Yes you can. Your husband can be on the mortgage himself, you can be added to the deed/title, and, yes, he can refinance you on at a later date.
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Sun Oct 17, 2010
Yes, you can get a mortgage with just one spouse's name on it as long as the one spouse can qualify for a loan on their own. Yes, you can both be on the deed. Yes, you can refinance later if you both qualify.

Tammy Hayes, Realtor
Sandals Realty, Punta Gorda, FL
tammyhayesre@gmail.com
0 votes
Cathy Wildung, Agent, Maple Grove, MN
Sun Oct 17, 2010
Yes, in Minnesota. It only takes one to buy, but two to sell, meaning when you sell the home, your spouse must sign the paperwork.
Web Reference:  http://www.cathyabboud.com
0 votes
He had the house when we got married. I have been in the house for 10 years but we only been married for 2 yrs.
Flag Mon Sep 18, 2017
My husband wants to refinance, But he told me he doesn't want my name on it. Because he lose a house in his first marriage.
Flag Mon Sep 18, 2017
Todd Norsted, Agent, Maple Grove, MN
Thu Oct 14, 2010
The marital property interest part of my answer is specific to Minnesota, and I can't say as to whether the same laws apply in other states.
0 votes
Justme, Home Buyer, Missouri City, MO
Thu Oct 14, 2010
I know this question was asked in 2008, but do the same things still apply for 2010?

Thanks!!
0 votes
Debt Free Da…, , 85260
Thu Mar 27, 2008
Yes.. you can leave one off especially if one spouse has bad credit.
Web Reference:  http://getprequalified.com
0 votes
Aaron Dickin…, Agent, Champlin, MN
Wed Mar 26, 2008
That all makes sense! A score around 600 would hurt your financing, and since you are married you have an interest in the home regardless so the refi isn't critical anyway. If you need names of great loan officers, both Todd & I have a couple... just let us know.
Web Reference:  http://www.AaronSOLD.com
0 votes
Theresa, Home Buyer, Minneapolis, MN
Wed Mar 26, 2008
Thanks, Aaron. I think my score is right around 600 right now, but I also have student loan debt. My husband has no debt and a score of 760, so we thought it would be simpler to just apply with his information, and possibly get us a better rate.
Also, I had read online that some people use this strategy to then have the spouse who's not on the mortgage buy a vacation or investment property in the future in their own name, and so do not ever re-fi to be on the original mortgage. Do either of you have thoughts on that?
0 votes
Aaron Dickin…, Agent, Champlin, MN
Wed Mar 26, 2008
Todd is correct on all counts. To answer your follow-up, yes, the loan officer can ignore your income for the loan application.

In regards to your situation though: if your Chapter 13 was that long ago, it may have little effect on your credit at this point... if your credit score is above 680, it might have no negative impact on your loan approval or rate. Further, this would eliminate the need to refinance later and save you $1000's of dollars in fees and lock in a great rate today, which might not be around when you refinance.

Food for thought!
0 votes
Theresa, Home Buyer, Minneapolis, MN
Wed Mar 26, 2008
Thanks for the fast response, Todd! Does it matter at all that we have filed jointly on our taxes? Or will the mortgage company just ignore my income on the return?
0 votes
Todd Norsted, Agent, Maple Grove, MN
Wed Mar 26, 2008
Theresa, you sure can! You both will be on title, but just one can be on the mortgage! And yes, to the re-fi, if you'd like to.

Thanks, Todd Norsted
Web Reference:  http://www.toddnorsted.com
0 votes
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