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 charitymoore25
Joined: 23 Dec 2008
Posts: 2
2.20 Dollars($)
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 Posted: Tue Dec 23, 2008 12:02 pm Post subject: Does a spouse have to be on the mortgage loan in Texas? |
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| We would like my husband to take out the mortgage in his name and mine not be on it. Is that possible considering Texas is a community state? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Tue Dec 23, 2008 10:30 pm Post subject: |
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Hi charitymoore!
Welcome to forums!
As far as I know, the lender will allow one spouse to take the mortgage in a community property state. But there are chances that the lender will ask you to sign an inter-spousal deed in favor of the other spouse. Check out the following link to know more about inter-spousal deed:
http://www.mortgagefit.com/discuss/interspousal-transferdeed.html
Feel free to ask if you have further queries.
Sussane |
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dlackey
Joined: 05 Jan 2009
Posts: 9
3.77 Dollars($)
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| Posted: Mon Jan 05, 2009 9:08 am Post subject: Spouse on Texas Loan |
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| One spouse can obtain a mortgage; however, both spouses may need to be on title documents. Ultimately, the mortgage and title documents can be on only one spouse's name without affecting the other spouse community propery rights. |
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Gina Seay
Guest
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| Posted: Sun Jan 18, 2009 8:18 pm Post subject: Spouse signature in Texas |
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| We live in Texas. My son is buying a house and needs a co-signer due to his short employment history even though he has good credit. I am going to sign for him, but my husband will not be included even though he is aware that I am signing for him. Does he have to sign anything for the mortgage or only to acknowledge that I am. They are insisting that they have to run my husband's credit but I do not think Texas law requires it. |
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Guest
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| Posted: Mon Jan 19, 2009 1:54 am Post subject: |
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| If you want to co-sign for the property, then I don't think the lender should go for a credit check of your husband. Your credit score and income history will be considered as you are planning to co-sign for your son. |
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dlackey
Joined: 05 Jan 2009
Posts: 9
3.77 Dollars($)
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| Posted: Mon Jan 19, 2009 8:00 am Post subject: Co-signer |
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Fannie Mae doe not allow non-residing co-signers. In other words, Fannie Mae doe not allow you to sign for a home loan if you are on title as an owner of the property. If you are listed as an owner on title and do not reside there, it will be an investment property with a higher rate.
Also, a short employment history does not prohibit your son from getting a loan. There is another reason that you are not being informed of. |
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Garrie C
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| Posted: Mon Jan 19, 2009 12:03 pm Post subject: Something you should know |
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Hello Gina,
I am glad to answer this question as i have recently gone with the same type of loan closure for one of my customer.
If your son needs a co signer due to his short employment history, yes you can co sign but do remember this profuct is only available in an FHA. FHA loan provides a co signer product where you will have to show your credit and income to help your son purchase this proerty also for your future prerference this loan will reflect on your credit too. Here is the second part, if this is a co signer application in a community state then yes you would have to show your husbands credit and income.
I guess the answer is clear, you do get such co signer loans in FHA where you will have to include your husbands liabilities if this is a community state.
Garrie Chandan.
(713) 429 4304 x 2470 (866) 207-5340 x 2470
(866) 568-6057 Fax
Email:garrie.chandan@profolioloan.com
[Promotional text deleted as per forum rules. Thanks.] |
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