In NJ do both spouses have to be included on a mortgage?

cheranno · Joined: 03 Jun 2008 Posts: 2 1.61 Dollars($)

In NJ do both spouses have to be included on a mortgage? The wife does not work and has a fair credit report (666 and some blemishes). The husband works and has an excellent credit report (780 and no blemishes). They are going for a JUMBO loan. Only the husband is going to be on the dead to the house.

larry · Joined: 27 Jun 2007 Posts: 3328 474.44 Dollars($)

Hi cheranno.

Welcome to the forum.

I have not ever heard that both the spouses should be on the mortgage. If your husband has a good income and credit then, He can take the loan on his name only. Did the lender said that both of you should be on the mortgage?

If you want to know whether your husband can take out the loan on his name only, then you can request for No-obligation free consultation from the community professionals.

Hope it helps.

Best of luck,
Larry

cheranno · Joined: 03 Jun 2008 Posts: 2 1.61 Dollars($)

yes the lender said both of us should be on the mortgage and that it was a NJ state law. He may be under the impression that i was going to be on the deed to the house also. This is the third home we have bought in 5 years and this is the first time this has become an issue.

Thanks for your reply.
Cheryl

cliff · Posted: Wed Jun 04, 2008 9:29 am Post subject:

Hi Cheryl,

I have not heard where you both have to be on the mortgage. However, you definatley need to be on the deed! If you are not on the deed than you do not have ownership in the property and that is never good.

I've seen on this forum where people have ended up in bad situations because they are not on the deed of a property.

Please feel free to ask any other questions Larry and I are happy to help! Very Happy

charlesarmbruster · Posted: Thu Jun 12, 2008 11:04 am Post subject:

If it's an FHA Jumbo, the lender will want to see both parties credit reports. I'm searching to find states requiring both parties on the mortgage, though. I'm not aware of lenders insisting on both parties being on the mortgage, unless you both are currently on the Deed of Trust -- some lenders will require a chain of title concurrent with the former property/properties when refinancing.

YOU SHOULD CONSULT AN ATTORNEY-AT-LAW AND A QUALIFIED INDEPENDENT CREDIT COUNSELOR OR OTHER EXPERIENCED FINANCIAL ADVISOR REGARDING THE RATE, FEES AND PROVISIONS OF THIS MORTGAGE LOAN BEFORE YOU PROCEED. A LIST OF QUALIFIED COUNSELORS IS AVAILABLE BY CONTACTING THE NEW JERSEY DEPARTMENT OF BANKING AND INSURANCE.
http://www.state.nj.us/dobi/index.html

Also, NJ provides an up-to-date homebuyers guide:
http://www.state.nj.us/dobi/division_consumers/pdf/buyingahome.pdf

cliff · Posted: Fri Jun 13, 2008 7:53 am Post subject:

Good Advice Chuck! Very Happy

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