My husband makes more money and has better credit than I do, could he apply for the loan on his own? Could I be added to the paperwork later? Thanks!

Asked by M, 55104 Wed Aug 11, 2010

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Aaron Dickin…, Agent, Champlin, MN
Wed Aug 11, 2010
If he can qualify for the loan on his own income alone then yes, he could be the only one on the loan paperwork. You may be able to be added to the title paperwork but as others have said, you should talk to your lender about what they would approve. Minnesota has a marital interest law for real estate transactions that may otherwise cover you but I am not an attorney or title closer so you would want to talk to them for advice.
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Steve Vennem…, Agent, Pine Springs, MN
Thu May 10, 2012
He could apply for the loan but you wouldnt want to be added to it because your rates will go up. YOu could change the deed at a later time.
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Linda K, Other Pro, Anaheim, CA
Wed Jan 26, 2011
Dear :
It depends. How much is the price of the house? Could he qualify on his own or does he need your income? How low is your credit? Usually for FHA your middle score can be as low as 600. In state of Minnesota, for purchasing a house one person is enough to be on the loan. As a wife whether you sign on it or not, you have vested interest on it. For the sale of the house, we do need both of you to sign, so it sells. Minnesota Law: One to buy, two to sell.
So, do you have interest in the title regardless of whether you are on the loan? Because you are married yes.
If he can not qualify with his income alone, you may want to come in, you may increase your score or just come in, depending on your score. Our friends have answered you, you may also try Well fargo for that matter, when they qualify you directly, there is no, if, may be, sorta, kinda, lets see stipulations.... However there are lots of great Mortgage Consultants. This is more like a Mortgage question, but the general tips are related to what we deal with on a daily basis. Good luck in your purchase. Contact with any questions!

Ramona Mahboob

Broker associate, ReMax results, MN, 952-239-1697,
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Celia Hogan…, , Sioux Falls, SD
Wed Nov 17, 2010
Yes. He can be the purchaser based on his income. You can be added to the title at closing. Please speak to your lender.
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Peter Boyle, , Minneapolis, MN
Wed Aug 18, 2010
Yes, that is a common strategy when one of the borrower has either a credit score or a debt ratio that is damaging to your ability to qualify. If one spouse can carry the qualification on their own steam, it may be a decent workaround. I would want to make that determination after reviewing both of your income and assets, because it would make life easier to put you both on the loan up front. As a Non-Purchasing spouse, you would still have 50% ownership of the home vested by most states, just by virtue of your marriage. And yes, you can be added to the Title of the home through a Quit Claim Deed from your spouse to your spouse and yourself, but that does not add you to the mortgage. To add yourself to the mortgage after the fact you would have to refinance or else some banks will allow a spouse to go through an Assumption of the mortgage and get added that way.

Peter Boyle
612 701 6816
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Patti Ann Ka…, Agent, Coon Rapids, MN
Wed Aug 18, 2010
That is more of a question for a loan officer than for a REALTOR®, but I know sometimes it actually hurts your situation to have a spouse listed on the mortgage.

How you take ownership of the property is another matter and actually REALTORS® cannot legally advise you there (we can only tell you the definitions of the types of ownership, but we cannot tell you which one you should take). Check with your loan officer and/or title closer. You may be able to put the property in both names right away and save yourself the added expense of changing it later on, but you still need to decide what form of ownership to use.

You can be tenants in common (sometimes referred to as co-owners) or joint tenants. If you take ownership as tenants in common, then if one owners dies, their interest in the property goes to their designated heirs. If you take ownership as joint tenants, then if one owner dies, their interest in the property automatically goes to the other joint tenant.

Hope that helps!
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Jennifer Kir…, Agent, Minneapolis, MN
Wed Aug 11, 2010
Please know that if your husband applies for the loan and is the only one on the loan docs, you as a spouse will most likely have to sign a few of those documents yourself including, the Truth-In-Lending Disclosure and most importantly, the Mortgage. Your signing of the docs means that if your husband should die, then you as the spouse are still responsible for payment of the loan. The common phrase some use is 'If you don't pay, you don't stay".

Spouses are also quite frequently added to the deed by the title company, as I was when we recently refinanced (even though loan qualification went soley through my husband). You will want to speak to the title company on which way you would like to take title, the most common two being Joint Tenants and Tenants in Common.
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Rochelle All…, Agent, Woodbury, MN
Wed Aug 11, 2010
M, While your husband may have better credit and could qualify for the mortgage on his own, the other question you may still want to be on the mortgage. Having a mortgage payment on your credit report goes a long way towards establishing good credit. Depending on the different in the rate and payment, which your loan officer can provide, you may want to consider being included on the mortgage application to help improve your credit. Good Luck!
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Brad Anderson, Agent, Maple Grove, MN
Wed Aug 11, 2010
Yes, he can get the loan on his own, and you can be included on title.
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Scott Hutchi…, Agent, Lakeville, MN
Wed Aug 11, 2010
Yes- he can apply for a loan on his own, and you can be on title without being on the mortgage. Once your husband gets -pre-approved, purchases a house, and then closes, let the title company know how you would like to go on title.
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Susan Hoffla…, Agent, Shoreview, MN
Wed Aug 11, 2010
M, I just love Aaron's answers!! He's always very thorough but very succinct in what he says! So, yes, if your husband is applying for the loan using only his financial information, only he will be on the purchase agreement itself. I believe there is a way for you to both have your names on the title, but I'm not sure how that happens. But, you will not have your name on the purchase documents themselves without your financial information being taken in to consideration for the qualifying.

Consult with your attorney or a qualified title closer to find out about how your name can be added to the deed.

Good luck!
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Jay Quiros, Agent, Tucson, AZ
Wed Aug 11, 2010
Hi M,

I would talk to a lender in your area and also a title person, You want to know how your being added to the title policy later could affect your coverage.
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Dallas Texas, Agent, Dallas, TN
Wed Aug 11, 2010
Best review all these options with a professional who has all your financial records.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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