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FHA loan

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Shenjen Guest	Posted: Tue Aug 16, 2011 10:00 pm    Post subject: FHA loan Like 0 Dislike 0 My fiancé and I have substantial saved up for buying a home. My fiancé only has a car loan... but presently she is looking for a job. I have been pre approved for a FHA loan with bank of America but both of us want both of our names to be mentioned on the mortgage. Do we have to apply again jointly? Would her unemployment affect our chances to qualify for a loan? She is ready to split the down payment with me. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Tue Aug 16, 2011 11:45 pm    Post subject: Like 0 Dislike 0 If you want to take out a mortgage in both of your names, then both of you will have to apply for a mortgage jointly. However, as your fiancé presently does not have any income and is looking for a job, she won't be able to qualify for a mortgage. None of the lenders will be ready to give her a loan. I will suggest you to take out the mortgage in your name alone. Later on, when your fiancé has a good job and income, both of you can refinance the mortgage and add her name to the mortgage loan. _________________ Good is the Enemy of Great.
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Wed Aug 17, 2011 12:35 am    Post subject: hi Shenjen! Like 0 Dislike 0 Do you both have a good credit rating? You two will definitely have a hard time looking for a lender to get your loans approved. It would be easier if you apply alone or better consult for a mortgage broker and ask if there is a lender that can offer a loan for both of you to qualify. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Wed Aug 17, 2011 5:40 am    Post subject: Preapproved Like 0 Dislike 0 If you are qualified to purchase by yourself, it should be possible for you to apply jointly. Go back to Bank of America and get a pre-approval for a joint mortgage. If they will not do it, come back here and tell us why. Someone will do it. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed Aug 17, 2011 9:48 am    Post subject: Like 0 Dislike 0 A good thing to note, is if you qualify for a mortgage on your own, and if something in the future were to happen, your fiance's credit would not be affected by a foreclosure or late payments, just an FYI _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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