Loan by Husband, Title with Husband and Wife?

Asked by Doug, Walnut Creek, CA Fri Feb 22, 2008

Apparently my wife has no open credit since she is not from the US, and past credit cards etc were opened by me, so it's much easier to get a home loan by myself rather than both of us. Is there any problem doing this? I still want her on the title.

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Darren Miller, , CA (Licenced in 50 States)
Sun Feb 24, 2008
Hi Doug, I've been in the title and lending business for over 10 years. This is very common and there will be no problem with it. The title company takes care of all the paperwork for you.

First off: California is a Community Property State. Be sure to tell your lender that you just want the loan in your name, don't have your wife's credit pulled on the application with yours. When escrow is drawing the docs they will prepare a "interspousal transfer deed" that is quitclaiming your wifes interest to you concurrently with the deed from the seller. Your vesting will read "Doug, a married man as his sole and separate property", your name will be on the loan only. When they draw up the interspousal deed make sure that you tell your escrow officer that you want your wife to come back into title. This will be you granting to you and your wife. They record this several days later than the purchase deed.

You have a few options with regards to vesting stats: Joint tenants (most common), Community Property, or community property with rights of survivorship (My preferred vesting method for husband a wife). I have a document that explains what each one means in detail that I can provide. The basis is that as joint tenants when one of you dies it gets passed on to the other but your estate is taxed. Community Property is almost like separate half's of the estate (you can dictate where your half would go upon death). Community Property w/ Right of Survivorship is like joint tenants but you are not taxed upon death.
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