Texas property law (San Antonio, Anton: real estate, rental, car insurance)

[ypadin]

My husband and I recently relocated to San Antonio five months ago and just signed a contract to have our home build. My husband and I plan on owning properties in the state over time and would like to take advantage of all the programs out there. Our Plan was to put the home we are having build in my husband name and use my name to purchase our second home to take advantage of the first time home buyer program. I was surprise to find out when the mortgage agent said that I had to be on the title and ran my credit. We explained to her our future plans and she said that our plans would not be affected by this that is a must in the state of Texas because we are married. I know texas is a community state but I am concern about this due to the fact that we received the loan committment paper and it state that I was a co borrower. We are sing Marquee mortgage comany has anyone use this company? If anyone have any information that would help me it would be greatly appreciated. Thanks

[SilverCreek78250]

I'm not a lawyer, realtor or banker, but from what I understand, "The Texas First Time Homebuyer Program provides below market interest rate mortgage loans through a network of participating lenders to eligible families and individuals who are purchasing their first home or who have not owned a home in the past three years." It seems to me that unless you don't intend to live together and each of you occupy one of the homes (as opposed to using it as a rental or a vacation home), you wouldn't qualify anyway. I know when I got a VA loan - and I understand similar programs require similar assurances - we had to sign a statement indicating that we would live in the house for a certain period of time in order to qualify for the loan.

Maybe others have more insight into how the real estate programs work. Hope it works out for you.

[shenane]

Yes, the first time homebuyer program should be to assist families to live in a house- it helps improve neighborhoods by instilling pride in homeownership. It should not be used to buy investment properties.

When I was in MS, was separated from my husband. I was told by a lawyer that even if I didn't know where my husband was living, and he didn't have anything to do with purchasing the house (not signing anything, not paying anything), he would still be half owner because it was a community property state.

Had a similar problem with car insurance. I told the agent that I had no idea where my husband was and even if I didn't he would be a driver and we were separated. He said they needed to check his driving record before giving me a quote. So I had to go ahead and hunt him down and get a divorce.

But if you don't like what your mortgage company is telling you, interview several mortgage comapanies, banks, credit unions, etc..

Oh yeah, I'm not a lawyer either. Not a professional anything.

Good luck

[kevcrawford]

Originally Posted by ypadin

My husband and I recently relocated to San Antonio five months ago and just signed a contract to have our home build. My husband and I plan on owning properties in the state over time and would like to take advantage of all the programs out there. Our Plan was to put the home we are having build in my husband name and use my name to purchase our second home to take advantage of the first time home buyer program. I was surprise to find out when the mortgage agent said that I had to be on the title and ran my credit. We explained to her our future plans and she said that our plans would not be affected by this that is a must in the state of Texas because we are married. I know texas is a community state but I am concern about this due to the fact that we received the loan committment paper and it state that I was a co borrower. We are sing Marquee mortgage comany has anyone use this company? If anyone have any information that would help me it would be greatly appreciated. Thanks

You're only allowed to use the first time buyer plans on your FIRST home. If you haven't owned for a while, I believe you can use it again down the road, but you can't take advantage of the system like that. If you're looking to buy an investment property, count on 20% down. Right now, all the crazy investor loans are gone, which is a great thing.