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My fiance and I are looking to buy a home this year, We would like for both of our names to be on the deeds, but we are unsure if both of us have to qualify for an FHA loan? I'm currently unemployed and rebuilding my credit, but my fiance is fully qualified for the loan. We are questioning if we should get married before or after we buy our home. With us being first time home buyers, we are completly clueless about the loan process. Do I have to qualify for an FHA loan along with my fiance in order for my name to be on the deeds as well?
The mortgage and the deed are two different things. Your fiance can apply for the mortgage in his own name and the deed for the house can be in both your names. For his protection, you could sign a legal agreement stating that you are responsible for the mortgage as well as him.
The mortgage and the deed are two different things. Your fiance can apply for the mortgage in his own name and the deed for the house can be in both your names. ...
Technically that's true, but I think most lenders will want the deed of trust to only be in the name of the persons taking the mortgage. Of course, after it closes, you could always add her to the deed, with a risk of triggering a due on sale clause in the mortgage agreement.
If you live in a community property state, it's not going to matter because it would automatically be split, unless you sign some kind of pre-nup eliminating it from community property.
Technically that's true, but I think most lenders will want the deed of trust to only be in the name of the persons taking the mortgage. Of course, after it closes, you could always add her to the deed, with a risk of triggering a due on sale clause in the mortgage agreement.
Buy the home before getting married. If you are married your debt will be considered even if you are not on the loan or using your credit. At least that is what we were told in Arizona. My wife has no credit (sounds better when it means no debt) so we only used my credit.
what if you want to use your partner's income, but they dont have enough credit history or isnt at their job for a long period, would the mortgage company still use that person's info to better qualify for the mortgage?
Thanks everyone for your replies, but we are moving to Nevada, which is a community property state. If my fiance purchases the house before we are married, doesn't that make him the sole owner automatically since the purchase wouldn't be made as a married couple? Like, if we were to marry before the purchasing a home we would equally own the property? Also, isn't the process for an FHA loan different? From my understanding, my fiance applied for the loan as a single man and was approved, but if we applied together my credit would be checked for any debt I may have, but my credit score wouldn't have an impact? For an FHA loan if my name isn't on the mortgage it can't be on the title? Please correct me if i'm wrong. I'm new to all of this.
Last edited by newlywed91; 01-12-2012 at 04:01 PM..
what if you want to use your partner's income, but they dont have enough credit history or isnt at their job for a long period, would the mortgage company still use that person's info to better qualify for the mortgage?
I dont think so. Our loan was FHA and we only used my income and credit but still had to take her debt into consideration. She has no debt and I have very little, student and a car loan.
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