English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

I am considering applying for an FHA loan but do not want to include my spouse as a co-borrower b/c her credit is poor. We live in Florida (not a community property state). Question is:
Does my wife have to apply as well???

I've looked all over the internet and cannot seem to find the answer.

2006-07-20 12:45:32 · 2 answers · asked by LCJC 2 in Business & Finance Renting & Real Estate

2 answers

When applying for any mortgage type, you, the consumer have the option of choosing who you want to be on the mortgage. So, to answer your question, no, she would not have to be on it. A little more on this....

Remember, if she contributes to the monthly income coming into the household, then this income will NOT be able to be used on the loan application. So, that will take away from how much home you will be able to show on paper that you can afford. The really cool thing about FHA, is that they will allow non-occupying borrowers on the loan. Meaning, whether someone lives in the home or not, if they are on the hook for the loan, their income can be used to qualify for the mortgage. This is a feature that conventional mortgages do NOT have.

Also, you need to know that FHA is not credit score driven, meaning they alow "make sense" underwriting. Since FHA loans are not credit score driven, this gives people with very low credit scores (all the way to 500) a chance to own a home at rates that are comparable and sometimes better than conventional rates. As you can see, FHA lending is one of my areas of expertise...

If you are considering applying for an FHA mortgage, you will want to make sure that the loan officer you are using is highly experienced in this type of lending. There is alot more to these loans than your everyday conventional loan, and if your loan officer does not know what he/she is doing, they will really mess things up.

If you would like some more detailed information about FHA lending, feel free to contact me at timothy.kazee@americanhm .com and I would be more than happy to help you out with anything that you need help with.

Good luck on your home buying experience!!!

2006-07-20 14:10:35 · answer #1 · answered by Kaz 3 · 2 0

She wouldn't on a conventional loan, so probably not.

2006-07-20 13:43:24 · answer #2 · answered by indiana_crank 3 · 0 0

fedest.com, questions and answers