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We are buying a house with a conventional loan, and our intent was for my husband only to be on the loan. Because some money for the down payment is in my name (we plan on putting it in my husband's account, but we are being told the loan officer has to know where the money has been for the last 60 days) the mortgage loan officer is saying I also have to be on the loan. So if my parents give us money for the house, would they have to be on the loan also?
I appreciate that if I am on the loan it makes it more secure and if that is the case I would like to be told that instead of that because I am giving my husband some of the money for the down payment I must be on the loan also. I just feel like I am being lied to but then again, the Patriot Act has changed lots of things and maybe I am completely wrong.
We are buying a house with a conventional loan, and our intent was for my husband only to be on the loan. Because some money for the down payment is in my name (we plan on putting it in my husband's account, but we are being told the loan officer has to know where the money has been for the last 60 days) the mortgage loan officer is saying I also have to be on the loan. So if my parents give us money for the house, would they have to be on the loan also?
I appreciate that if I am on the loan it makes it more secure and if that is the case I would like to be told that instead of that because I am giving my husband some of the money for the down payment I must be on the loan also. I just feel like I am being lied to but then again, the Patriot Act has changed lots of things and maybe I am completely wrong.
Thanks!
If you only want your husband on the loan you can gift him the money you want to give him for a down payment.
Our money before buying the house was usually in the wife's account. She paid the bills and took care of that. The loan was in my name only. It was obvious when we transferred the money from her savings account into my checking account. no one questioned anything nor did they decide she has to be on the loan.
Some lenders will ask that question. Any large deposits within the last 60 days will be questioned. You'll need to ask your lender what their "gift funds" requirements are. Where I work, depending on the LTV, you may have to have a certain percentage of your OWN funds before gift funds will be accepted. So, it's a legit question. However, we don't require the person giving the gift be on the loan.
Last edited by AmandaVA; 01-15-2010 at 01:08 PM..
Reason: Add'l info
We are buying a house with a conventional loan, and our intent was for my husband only to be on the loan. Because some money for the down payment is in my name (we plan on putting it in my husband's account, but we are being told the loan officer has to know where the money has been for the last 60 days) the mortgage loan officer is saying I also have to be on the loan. So if my parents give us money for the house, would they have to be on the loan also?
I appreciate that if I am on the loan it makes it more secure and if that is the case I would like to be told that instead of that because I am giving my husband some of the money for the down payment I must be on the loan also. I just feel like I am being lied to but then again, the Patriot Act has changed lots of things and maybe I am completely wrong.
Thanks!
It's true that lenders will question recent large deposits to the borrower's account. One solution to that is to put your name on the mortgage; another solution is simply to wait until the money has been there for a while.
A bigger question is, why don't you want your name on the house? Having it in his name only could disadvantage you. Think about it, and make sure you understand the ramifications of leaving your name off the house.
It's true that lenders will question recent large deposits to the borrower's account. One solution to that is to put your name on the mortgage; another solution is simply to wait until the money has been there for a while.
A bigger question is, why don't you want your name on the house? Having it in his name only could disadvantage you. Think about it, and make sure you understand the ramifications of leaving your name off the house.
I didn't know you could do that. Does she have to sign something that allows you to borrow on her property? Or can a spouse just borrow money without the other one knowing? If you stopped paying the loan would they come after her or would they foreclosed without warning her?
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