Texas common law (home loan, credit, loan, property)

[J munoz]

We live in Texas.....My boyfriend and I applied for a home loan , he is primary on the loan , now we r getting married before closing , does it make any diffrence in any way at all , and does the bank need to fix the paperwork before closing.... Thank you

[FalconheadWest]

Yes, it makes a huge difference. The loan application has to change from single to married. The title has to change from single to married... if it's a government loan and they haven't looked at your credit, you now come into play with your debt. Just wait to get married unless you want to change everything on the loan.

[Pfhtex]

Originally Posted by J munoz

We live in Texas.....My boyfriend and I applied for a home loan , he is primary on the loan , now we r getting married before closing , does it make any diffrence in any way at all , and does the bank need to fix the paperwork before closing.... Thank you

You say he is "primary" on the loan, does that mean he is the ONLY applicant?

If you are using a FHA/VA/USDA loan product, your credit will be run, and your monthly debts will be added to the loan - - but not your income (if you are not on the loan.)

If you are going with a Conventional loan, it does not matter, as spousal income is not considered, even in Community property states, on Conventional loans.

Now, if you're going, say FHA, and you have an issue, you should look at FNMA Home Ready, as it's a low-down-payment program with good rates and good MI (your mileage may vary). But HR is tricky regarding the location of the house, and potential income CAPS.

What are the specifics of your situation?