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sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

I want to buy new house. I want to start the buying process. My wife owns a house which is gift from her parents but the loan is going on that property.I am not on the loan but I am on the title. Will I still qualify for an FHA loan?
please guide as its complex situation...

tfaulhaber1 · Posted: Tue Dec 28, 2010 9:50 am Post subject:

Your wife currently owns a home and you're on title? Can you please be more specific? What give all the details of the scenario.

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

Thanks for quick responce...
situation is little bit complex.
As my wife got property from her parents and the loan is going on that property i am not on that loan but i am on title.
Now if i want to take new FHA...then can i qualify for it...?
Any credit requirement is still required for it...any other factors affect me from taking newFHA?
please guide..

jameshogg · Posted: Tue Dec 28, 2010 7:37 pm Post subject:

Hi sunil,

You've mentioned that your name will not be mentioned in the loan docs. In such a situation, whether or not you qualify for the mortgage will hardly matter. It is your wife who needs to qualify for the FHA mortgage. Your wife should have a credit score of around 580 - 620 and a stable employment in order to qualify for the mortgage.

Thanks

sunil87020 · Joined: 04 May 2009 Posts: 339 26.96 Dollars($)

thanks a lot jameshogg

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