home loans

n the state of Florida. My son is applying for his first home loan (@21 yrs old). He has good credit, but not enough. I am co-signing for him. I have excellent credit. The bank said that since I'm co-signing & married my husband needs to sign a note also. This doesn't sound correct to me. Is she right?

I am not certain, but I believe Florida is a community property state, your Husband would be signing a deed that would remove him from any ownership of this particular property

Florida is not a community property state. Your husband certainly would not be signing the NOTE (promise to pay) if he is not an applicant for the loan. The lender may be asking him to sign the MORTGAGE (pledging the property as collateral). Florida's Homestead laws are confusing. If the mother is going to be on title to the son's property the lender would be concerned that she might homestead the property in her name which would cause the lender to ask for the husbands signature on the mortgage. If the loan you are co-signing for your son is FHA you do not need to be on title. FHA allows co-borrowers and co-signers. As a co-borrower you are on title, as a co-signer you are not.

Your husbands signature on the MORTGAGE does not make him responsible for the loan it only gives his permission for the lender to foreclose in the case of default.

what kind of loan is this?

the fha loan allows co-borrowers..... to add income. (mom helps son buy a condo while in college, ect)
that program is very clear that the borrower must qualify on their own credit.