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I am in California and am in the process of buying a home, FHA loan. I have been apart from my wife and with my current girlfriend for about 8 years, just now getting divorced. All paper work is done, now in the waiting period (1.5 months left) ex- wife said she will sign a quit claim deed when applying for the loan. She and I are still friends and divorce was not ugly. Is that all she needs to do? I heard that I need to have her apply for the loan and they will run her credit for me to qualify (i have all ready been pre qualified for a loan) is this correct? I really don't want to wait until September to buy a home

shane · Posted: Mon Jul 12, 2010 9:42 pm Post subject:

That is correct - as long as you two are still married then the monthly payments of debts of your soon-to-be-ex wife will still be included when qualifying when applying for an FHA loan. She will also need to sign some legal documents at closing. If she does not want to be a part of that, or you do not want her to be a part of that, then you would need to wait and close until after you are divorced. You should still be able to start the process before you are divorced however. Good luck and let us know if you need further help.

smithsussane · Posted: Mon Jul 12, 2010 10:08 pm Post subject:

Hi ED!

Welcome to forums!

It would be better if you could ask your wife to sign an inter-spousal transfer deed and release all her claims over the property which you're planning to purchase now. Thus, she does not need to apply for the loan and the lender won't run a credit check even.

Feel free to ask if you've further queries.

Sussane

shane · Posted: Tue Jul 13, 2010 1:13 am Post subject:

Hi Sussane, in community property states with FHA financing that does not negate needing the wife's credit to be checked.

See:
http://www.fhaoutreach.gov/FHAHandbook/prod/infomap.asp?address=4155-1 .4.A.5.b

b. Non- Purchasing Spouse Debt
Except for obligations specifically excluded by State law, the debts of non-purchasing spouses must be included in the borrower's qualifying ratios, if the

-borrower resides in a community property state, or
-property being insured is located in a community property state.

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