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 cvaughn23
Joined: 09 Apr 2009
Posts: 1
1.30 Dollars($)
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 Posted: Thu Apr 09, 2009 8:55 am Post subject: Purchasing a home in Texas? |
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| I have two questions. Can I purchase a home without using my husbands credit only 25% of his income. A conventional loan? Can my mother-in-law who lives in Arkansas purchase a home in Texas and rent it out to us? If she does this would it hurt her chances of purchasing a home in Arkanasas. |
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savior70
Joined: 25 Mar 2009
Posts: 1783
Location: Florida
239.40 Dollars($)
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| Posted: Fri Apr 10, 2009 4:03 am Post subject: |
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Hi
Do you mean you want to use 25% of your husband's income to qualify for a loan, without using his credit? I don't think you can do that. I think he has to be on the loan if you are to use his income. However, your mother can purchase a home in texas and rent it to you. She can also buy a home in arkansas. But she cannot claim both the houses to be her primary residence and can get homestead exemption only on one of them. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 9808
Location: bloomfield, ct
45.23 Dollars($)
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| Posted: Fri Apr 10, 2009 11:37 am Post subject: |
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you definitely cannot use a person's income to try to qualify for a loan yet have that person not be involved with the loan. otherwise, we'd all use friends, relatives, etc. to help us.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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