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FHA non-purchasing spouse

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becca_daniel_05 Joined: 23 Jul 2009 Posts: 1 1.42 Dollars($)	Posted: Thu Jul 23, 2009 5:58 pm    Post subject: FHA non-purchasing spouse Like 0 Dislike 0 My husband and I would like to buy a home with myself as the non-borrower and his dad co-signing the loan. He and his dad both have about a 750 credit score. The reason I cannot apply is that I have about a 520 credit score. I have a high amount of student loan debt that has been in forbearance for the past 6 months. I do not have any other credit debt. Together my husband and make ab out 80k. His dad makes about 45-50k and is more than willing to co-sign the loan. I was told I would not be able to have my name on a loan until my loans were in repayment for 2 years. If we try to apply with his dad as the co-borrower and me as the non-borrower, will this work? We are looking for about a 150k home. Will they need to pull my credit anyway since Texas is a community state and will they add my debt to his or is there a way to get my debts of his Debt to Income Ratio?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Jul 23, 2009 11:41 pm    Post subject: Like 0 Dislike 0 Hi becca_daniel! Welcome to forums! As you do not qualify for the loan, there is no need to include your name in the mortgage docs. Your father in law can definitely co-sign for the loan. As Texas is a community property state, the lender may ask you to sign an interspousal transfer deed in order to remove your name from the property. Feel free to ask if you've further queries. Sussane
Mortgage_Man_X Guest	Posted: Fri Jul 24, 2009 5:15 am    Post subject: I Can Help With Your Mortgage! Like 0 Dislike 0 I Can Help With Your Mortgage! I would love to assist you. Email me back, and let's discuss! MSmith@PrecisionFundingUSA.com M I am on line now!

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