We will be refinancing soon on a home we bought 5 years ago. I have been ill for 7 months now and have not been working. What will happen when we try to reapply, will they even let my name be on the house since I am not currently employed?
2007-10-09 14:55:59 · 5 answers · asked by macy5 3 in Business & Finance ➔ Renting & Real Estate
You can be put on the loan, it doesn't matter if you are working or not, the little place on the loan application under employment - HOMEMAKER fits in just fine.
It doesn't matter if you have an income or not to qualify for the loan, what will matter are the following:
Is your loan a Veteran's Administration Loan? If it is, it won't matter at all - as there is no income qualifying when refinancing what so ever.
DTI (Debt to Income Ratio). Your DTI has to be within lending guidelines to qualify, and if your spouse's income will cover your DTI then you have no problem there either.
If you have any low balance, high payment debt, I would consider paying that in full before trying to refinance. Are you trying to consolidate your debt, or refinance for a better (or fixed) rate?
Depending on the state you live in even if you are advised not to put your name on the loan, you still will not lose your ownership interest, provided you are married, as both names will appear on title and on the deed.
If you have any more questions, please feel free to email me directly at emeraldseye@yahoo.com and I will do my best to answer them for you.
-Em
2007-10-09 15:07:20 · answer #1 · answered by emeraldseye 4 · 0⤊ 0⤋
First of all you asked two questions: Can I be on the loan? & can my name be on the house?
On the loan - Maybe, but probably not. To qualify for a loan you have to have a certain credit score and income. If you go "Full Doc" which means you have to submit all of your income documets (W2's, paystubs & bank statements) . If you have no job, then you have no income documents. So you can't go full doc.
There are programs called "stated" loans where you "state" your income but you don't have to submit documents proving it. However, the lender may ask to do a VOE or verification of employment which you do not have. I'm sorry but "unemployed homemaker" won't cut it.
I work for myself so I have no paystubs and no W2's. When we get a loan for a home (which buying & selling real estate is my job) we get the loan in my wife's name only so we can go full doc. The rates and terms are better that way and it's easier to qualify.
As far as being on the house...YES! You can put anyone on the deed. To keep it simple let your husband get the loan in his name and put both of your names on the deed.
2007-10-09 18:26:15 · answer #2 · answered by RealEstateGuy 2 · 0⤊ 1⤋
If your spouse can carry the loan by himself (in the lender's opinion), you won't have to be a co-borrower. This, however, has nothing to do with 'being on the house'. If your name is presently on the deed as a co-owner, this will not change because of a refinance.
2007-10-09 15:01:03 · answer #3 · answered by curtisports2 7 · 1⤊ 0⤋
The bank would prefer your name to be on their.
Whilst you might notbe able to work now, you could at some stage in the future. You would also have other assets and interests.
Your a part owner of the house?
I believe your name *has* to be on the loan papers, as noone can mtge your house without you. (unsure on this last bit- ask your bank)
2007-10-09 15:00:09 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Of course. Housewives are on the mortgage all the time. What would happen if their husbands died?
2007-10-09 14:58:05 · answer #5 · answered by Anonymous · 0⤊ 1⤋