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community property

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jr8082004 Joined: 12 Jul 2010 Posts: 2 1.46 Dollars($)	Posted: Mon Jul 12, 2010 7:11 pm    Post subject: community property Like 0 Dislike 0 I have a loan on an investment property that I was late on a payment for 30+ days. My wife and I now want to purchase our primary residence home with the new loan under her name as a first time home buyer. Lenders in CA say that she cannot be approved for the new loan since the investment property (which is under my name only) has the late payment and is considered community property. Is this true/correct?
shane Joined: 03 Dec 2007 Posts: 240 Location: Orange County, CA 51.84 Dollars($)	Posted: Mon Jul 12, 2010 7:17 pm    Post subject: Like 0 Dislike 0 That isn't necessarily true. When was the 30-day late payment? Was it just 1 payment, or a string of payments? What type of loan are you attempting to qualify for, FHA or conventional? _________________ Shane Milne TheBestHomeLoans.com More about Shane and Client Testimonials Mortgage Banker & Broker 949-273-4161 Lending in all 50 states FHA/VA/USDA/Coventional
jr8082004 Joined: 12 Jul 2010 Posts: 2 1.46 Dollars($)	Posted: Mon Jul 12, 2010 7:49 pm    Post subject: Thanks for the feedback Like 0 Dislike 0 there are three (nonconsecutive) showing up in my credit report - two in 2009 and one in 2010. We are looking to buy in San Diego (92127) and open to FHA or conventional - or even a VA
shane Joined: 03 Dec 2007 Posts: 240 Location: Orange County, CA 51.84 Dollars($)	Posted: Mon Jul 12, 2010 7:56 pm    Post subject: Like 0 Dislike 0 This appears to be a lender guideline. Guidelines in a community property state when doing FHA, VA or USDA financing require only the monthly debts of the non-borrowing spouse are included in borrowing spouse's debt to income ratio... the credit score nor the credit of the non-borrowing spouse are taken into consideration. Still, some lenders have started evaluating the credit of the non-borrowing spouse to see if there is any financial difficulty going on. Conventional does not require the credit report of the non-borrowing spouse to even be checked. You should seek a new mortgage lender if you want to apply with FHA or VA financing, but the lender you spoke with may be OK offering conventional. _________________ Shane Milne TheBestHomeLoans.com More about Shane and Client Testimonials Mortgage Banker & Broker 949-273-4161 Lending in all 50 states FHA/VA/USDA/Coventional

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