2007-02-21 14:28:53 · 17 answers · asked by pitch 2 in Family & Relationships ➔ Marriage & Divorce
The home loan does not have to require the spouse's name. I purchased my home without my wife's name. If you are asking due to legality proceedings, such as divorce, it will still qualify as marital debt. Another reason why the deed or loan doc would not have the spouse's name is because the stated buyers must provide ID at the time of closing. If one partner fails to provide ID, the transaction can be submitted through with the other buyer only and has 30 days after closing to submit an "emergency claim of deed" or add a name to the deed, but it must be done within 30 days after closing. Another is bad credit can cost a person a high rate or variable, so one will exclude the spouse and add her during an emergency claim 30 days after or leave it alone.
When I purchased our home, (military couple) I didn't want us to include my wife because we could use her VA loan for a second property and have the fee waived as she is a disabled vet. I wasn't, but secured a very good rate. The plan was to leave her out until after closing.My wife never signed the papers so she was never placed on the deed.
The bred winner has nothing to do with the application for property loan. The mortgage lender is not concerned with who makes the most money and who has the best FICO score. All the lender wants is debt-to-income ratio, not the "husband's" income or the "other's" income. It is irrelevant. The next thing they use to qualify a potential home buyer is credibility, FICO. Their income is also used to qualify buyers in certain programs that will guarantee certain rates, such as state home buyer programs for first time home buyers or low income will offer a arm rate or low fixed. Anyone partner or spouse can earn 0 dollars and stay home all day. The bank is not concerned with that. They look at the family's total income minus debt and FICO score. They also require checking account statements for previous months to identify poor financial management. I know my train is derailed but it upsets me when people answer questions about things they are obviously ignorant about.
Boysmom is on target
2007-02-21 14:47:44 · answer #1 · answered by Anonymous · 0⤊ 1⤋
When the house is purchased, the buyer must decide if the wife's name will go on the deed or not. Many people will not put the wife's name on the deed if she has a bad credit history, or if she does not want to pay for the house if the husband should die. Also, if the couple gets a divorce, the husband will have full rights to the house if only his name is on the deed (legally). If both names are on the deed, and the husband dies, the house goes to the wife. If the wife's name is not on the deed, there may be controversy from other family members over ownership of the house.
2007-02-21 22:34:17 · answer #2 · answered by boysmom 5 · 3⤊ 0⤋
Under no circumstances. The wife's name should always be on the home deed. If it is not, then the husband is trying to pull a fast one. If it is your husband, discuss this situation and ask why this has not been done.
2007-02-21 22:33:38 · answer #3 · answered by cardgirl2 6 · 2⤊ 0⤋
If at the time of loan approval, the wife had a lower credit score that would eliminate the possibility for the home loan. It would be best if the husband bought it himself, but could later deed in the wife at will by submitting the proper paperwork.
2007-02-22 04:36:35 · answer #4 · answered by Bearess 3 · 0⤊ 0⤋
If they bought the house together, her name should be on the deed if she wants to be an owner (why wouldn't she?) Her name doesn't necessarily have to be on the mortgage though; that could be under one person's name.
It depends on the state you live in. In some states, it's 50/50 if there's a divorce. In others, she won't be very happy if they get divorced and he automatically gets the house cause only his name is on it.
You really need to give more information about what you're asking and why.
2007-02-21 22:35:18 · answer #5 · answered by AnswerMom 4 · 1⤊ 0⤋
If the husband bought the house before you were married. In any rate, if you bought the house together, then you should be placed on the deed. If he inherited the home, your name would not be printed next to his.
2007-02-21 22:33:05 · answer #6 · answered by Bunkah 2 · 0⤊ 0⤋
If he had his home before he married his wife, he's not obligated to put her name on the deed. Also applies if she doesn't help pay the mortgage and property taxes.
Don't believe in "what's mine is his and what's his is mine." If her name isn't on the deed if the two were to divorce, she doesn't get some or all of the money/property.
2007-02-21 22:40:34 · answer #7 · answered by brotherb95 3 · 0⤊ 1⤋
If he owned the home before marriage. Even though you are Married it is not a good idea to put the spouse name on it right away. A ring does not give you equity. This also applies to women who own a house also...
2007-02-21 22:30:56 · answer #8 · answered by Rock Star Outlaw 2 · 1⤊ 0⤋
If the bank screws it up with the title company as what happened to my deed
i told them to put her on it and they screwed something up. Dont matter we bought it during marrige names or not on the papers it is community property and would be equally distrubuted if we were to divorce
2007-02-21 22:32:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Agree with the first answer
2007-02-21 22:31:51 · answer #10 · answered by greenfrogs 7 · 0⤊ 0⤋