Posted on: 01st Mar, 2007 09:52 am
I am in the middle of a divorce and we had a house built after we were married. My husband is the primary borrower on the loan and the title owner but I am on the mortgage. Can I still qualify for a mortgage under my maiden name as first time home-buyer?
Hi Tcurrier,
Welcome to Mortgagefit forum.
You can get a mortgage in your name now but not as a first time home buyer as you are already named as a co-borrower for the mortgage on this present house. Another thing is that you must also be on the title of the house otherwise you would not have been named co-borrower.
Colin
Welcome to Mortgagefit forum.
You can get a mortgage in your name now but not as a first time home buyer as you are already named as a co-borrower for the mortgage on this present house. Another thing is that you must also be on the title of the house otherwise you would not have been named co-borrower.
Colin
Tcurrier,
This is what HUD states on who can be considered as a first time home buyer:
The situation you are in, as per point 1 you would qualify as a first time home buyer if you did not had ownership rights over this present house for the last 3 years.
A co-borrower is accepted by the lender if he/she is on the title of the house. But you are saying that you do not own the house along with your husband. You need to get clear on whether you are on the title of the house or not.
David
This is what HUD states on who can be considered as a first time home buyer:
- A person who did not have ownership rights in a principal residence in the last 3 years before a new house is purchased. It includes a spouse who meets this specification.
- Property which the person owned was not in accordance with model building codes. And such property cannot be restructured to comply with the codes for a cost which is less than what it would cost to construct a permanent structure.
- A person who had only owned along with his/her spouse and is a displaced homemaker.
- The primary residence owned was not permanently affixed to a permanent foundation as per applicable regulations.
- Single parent who have ownership rights along with his/her former spouse when he/she was married.
The situation you are in, as per point 1 you would qualify as a first time home buyer if you did not had ownership rights over this present house for the last 3 years.
A co-borrower is accepted by the lender if he/she is on the title of the house. But you are saying that you do not own the house along with your husband. You need to get clear on whether you are on the title of the house or not.
David
Tcurrier,
I am quite confused at what you have said.
You have said that your husband is the primary borrower on the loan but then you again say that you are on the mortgage. Is it that you are the co-borrower on the loan?
Moreover, you cannot qualify as first time buyer as your name is already on one loan.
I am quite confused at what you have said.
You have said that your husband is the primary borrower on the loan but then you again say that you are on the mortgage. Is it that you are the co-borrower on the loan?
Moreover, you cannot qualify as first time buyer as your name is already on one loan.