if a married couple is trying to buy a home but the morgage company?

Question

says that it's best for only the husband to do it under his name because of credit reasons is that a bad thing because the woman wouldn't have her name attached. would she still be considered as owning the home too even if they couldn't place her name on the agreement

Answer 1

In most states, there are community property laws, especially regarding what's required during the marriage.

Answer 2

No matter what, since you are married, when the loan is done, even if you're not on it, you will be put on title to the house. Yes, legally you will be an owner on that property. If anything were to happen (divorce), nothing could be done with that property, (selling, refinancing into one person's name) without BOTH of your signatures. Basically, if you're not on the loan, it means it's pretty much his financial responsibility, and it will be on his credit. But you would still be an owner of the house. Also, you can do a quit claim deed, to either add someone to title, or take someone off of title, but again, you would have to have BOTH signatures. Hope this helps you!

Answer 3

Both names should be on the document because if you divorce you can still be liable in some states for debt.On the other hand if only one name is on title them the property can revert to that family and you will have lost a house,in case of a death.So either way it is an incurred married debt and payable by both parties.End of it is up to you but doesn't sound reasonable to me.But yes credit has all to do with it.

Answer 4

Actually my husband and I just bought a house and in order for us to get a special rate the bank had to offer he had to finance it alone 9not for credit reasons but because together we made too much to qualify for the special rate)...I was upset...however I was still able to be on the deed and that is what matters...we are what's called joint tenants with rights of survivorship...this is what you want to make sure the mortgage company and the closing attorney put on the deed...in this case if anything happens to your husband you keep the house and vice versa. Remember Joint Tenants with Rights of Survivorship!!

Answer 5

I think it's best to let him do it, then work on your credit rating and refinance in both your names a year or so later. You should see if you can get the deed put in both names though. If you can't, then have your husband write up a document, and have it notarized, stating that you will split the equity should you divorce, and also put in there that he is willing the equity in the house to you if he dies.

Answer 6

Yes.
Her name will even be on the mortgage. The mortgage company wants to be able to go after her too, should the husband default. The more people they can attach to the loan, the better for them in case of default, even though her credit is bad.
They are simply not using her income or credit as a method of making the husband score higher with the underwriters--these are the people who decide whether or not to approve the loan.
There's nothing wrong the arrangement, and it is common.

Answer 7

You can add names to the title after the deal is done. I did that with my wife and shortly afterwards went down and added her title to the property. So, cut the deal and get the house. Then do the title change

Answer 8

It means the wife has bad credit and should start controlling her spending habit.
As for ownership of the house it belongs to both of you because you bought it while married.

Answer 9

I don't know where you live, but here in Michigan a husband can have the mortgage solely in his name, with the deed in both the husband and wife's name.

Check you local laws.

Answer 10

You can still be on title. That way you have ownership of the property but are not liable for the note. That is not a bad thing...