In TN, woman is on the deed, not on the loan, is there finan

allyscottsimpson · Joined: 22 Aug 2007 Posts: 1 1.29 Dollars($)

I am first time homeowner and we are going with an FHA loan that requires only my husband to be on the loan. I want to make sure that's ok?

larry · Joined: 27 Jun 2007 Posts: 3260 462.78 Dollars($)

Hi Simpson,

If your husband is financially able to pay off the loan himself without your help, then there is no problem in that.

Moreover if you are also included on the loan and at any time default on it, then both of your credit will be affected negatively.

jameshogg

Hi Ally,

I feel it's perfectly fine if your husband is on the loan and both of you are on the deed. If you think that your husband can easily manage the loan with his finances, then that's simply great.

However, if in any case, your husband does not have the funds to pay monthly installments, then you may have to pay off the loan if at all you wish to save the home from being taken away by the lender. But leave aside the risk of default, if you are financially sound then there's no way that you cannot pay off the loan. By the way, you can calculate your monthly payments using our FRM Calculator or ARM Calculator depending upon the type of loan you've applied for.

Thanks

Niicss · Joined: 03 Oct 2005 Posts: 1019 151.80 Dollars($)

You should not be having any problem in getting an fha loan if you meet all the requirements. Also if you want to know more about fha loans then please go through the following page - http://www.mortgagefit.com/predeal/fha-loan.html

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