Need Spouse on both mortgage loan application and title?

Asked by Anu, 90404 Mon Jun 25, 2012

Hi -

My husband and I are about ready to purchase a house in LA County. I wanted him to be on the loan application as he has a better credit score and also in the event that down the line - if we choose to buy another house, then I can apply for the loan at that time and the obvious reason that for whatever reason something happened, only one of our credit history would be affected. However we definitely wanted to have both of us on the title of the new house. Does anyone see any issues with this? Are there any laws one knows of in LA that require you and your spouse to be on both the loan application and the title?

Thanks for your input!

~AP

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3
Robert Chome…, , San Diego, CA
Mon Jun 25, 2012
You cannot be on title at close of escrow unless you are on the loan. But he can add you to the title after you close.
0 votes
Gregorio Den…, , San Diego, CA
Mon Jun 25, 2012
This is not an issue but make sure you know that your income cannot be used to help qualify. Most lenders will have you sign an interspousal deed at closing stating it will be his sole and separate property but after funding you may be added back on to title. If you are using FHA or VA financing, your credit report will still be required to calculate your debts and those debts will be attributed to your spouse for qualification.

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0 votes
Tim Moore, Agent, Kitty Hawk, NC
Mon Jun 25, 2012
Sounds like a good idea to me.
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