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Posted: Wed Jul 22, 2009 6:20 pm Post subject: FHA Loan terms in Texas

My fiancee was in the middle of closing on a house in Texas, and since he is being deployed in a few weeks, we got married. When he told his loan officer the news, the bank began insisting on putting me on the loan. We prefer to have him be the only borrower for several reasons. One, I already own a home through an FHA loan. Two, my recent divorce from a previous spouse, left my credit score in the 500's. Three, we were hoping he could take advantage of the $8000 government credit for first time homebuyers. Is there any way to still get approved for this loan?

savior70 · Posted: Thu Jul 23, 2009 5:02 am Post subject:

Hi,

Since your husband is going to be deployed, the lender wants to put you on the loan. They want to make sure that they can recover the loan balance from you, in case they cannot get in touch with your husband. In case they insist on putting you on the loan, you'll have to co-sign. But with a credit score of just 500, I'm not sure how they can have you co-sign on an FHA loan. Moreover, if you co-sign as his spouse, both of you need to be first time home buyers to get the $8k tax credit.

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FHA Loan terms in Texas

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