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Texas Mortgage law question

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acastillo Joined: 21 Apr 2010 Posts: 1 1.26 Dollars($)	Posted: Wed Apr 21, 2010 1:59 pm    Post subject: Texas Mortgage law question Like 0 Dislike 0 If you are married and reside in the state of texas do both parties have to be on the loan? In other words if one spouse has bad credit and the doesnt qualify for the loan can the other spouse do the loan by themself?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Apr 21, 2010 8:19 pm    Post subject: Like 0 Dislike 0 Welcome acastillo, Texas is a community property state. Thus, both the spouses will be considered as owner if a property is purchased after marriage. If one spouse has a bad credit and cannot be a co-borrower of the loan, then the lender will want him or her to sign an inter-spousal transfer deed and transfer the property rights to the other spouse. Then the other spouse will own the property solely and would be the sole borrower of the loan. _________________ Procrastination is the enemy of your financial success

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