Posted on: 28th Dec, 2010 08:46 am
I want to buy new house. I want to start the buying process. My wife owns a house which is gift from her parents but the loan is going on that property.I am not on the loan but I am on the title. Will I still qualify for an FHA loan?
please guide as its complex situation...
please guide as its complex situation...
Your wife currently owns a home and you're on title? Can you please be more specific? What give all the details of the scenario.
Thanks for quick responce...
situation is little bit complex.
As my wife got property from her parents and the loan is going on that property i am not on that loan but i am on title.
Now if i want to take new FHA...then can i qualify for it...?
Any credit requirement is still required for it...any other factors affect me from taking newFHA?
please guide..
situation is little bit complex.
As my wife got property from her parents and the loan is going on that property i am not on that loan but i am on title.
Now if i want to take new FHA...then can i qualify for it...?
Any credit requirement is still required for it...any other factors affect me from taking newFHA?
please guide..
Hi sunil,
You've mentioned that your name will not be mentioned in the loan docs. In such a situation, whether or not you qualify for the mortgage will hardly matter. It is your wife who needs to qualify for the FHA mortgage. Your wife should have a credit score of around 580 - 620 and a stable employment in order to qualify for the mortgage.
Thanks
You've mentioned that your name will not be mentioned in the loan docs. In such a situation, whether or not you qualify for the mortgage will hardly matter. It is your wife who needs to qualify for the FHA mortgage. Your wife should have a credit score of around 580 - 620 and a stable employment in order to qualify for the mortgage.
Thanks
thanks a lot jameshogg