Posted on: 23rd Jun, 2010 02:13 am
Hello and thank you for your interest... my son-in-law to be has told my daughter that it will be easier for him to obtain the FHA loan he has been prequalified for if he purchases the home while he is single, versus them being already married.
I am not familiar with FHA, and cannot seem to find information that supports this suggestion. He says that the bank loan officer told him this, when he was prequalified to purchase a home they previously were considering. Now, they are going to be building their home, and we are planning to give them a sizeable gift toward the purchase.
My question is, whether or not this is true, and whether or not there is more protection for him by doing it this way- in the event that something happens in the future to their marriage. I'm not wanting to speculate about this, but am curious as to why there would be more of an advantage to wait to marry until after the purchase. Don't know if this makes a difference, but they live in North Carolina- is this a community property state?
By the way- we love him dearly, and do not forsee that such a happening would occur... they have been together for 7 years- and are the best of friends :-).
Thank you.
I am not familiar with FHA, and cannot seem to find information that supports this suggestion. He says that the bank loan officer told him this, when he was prequalified to purchase a home they previously were considering. Now, they are going to be building their home, and we are planning to give them a sizeable gift toward the purchase.
My question is, whether or not this is true, and whether or not there is more protection for him by doing it this way- in the event that something happens in the future to their marriage. I'm not wanting to speculate about this, but am curious as to why there would be more of an advantage to wait to marry until after the purchase. Don't know if this makes a difference, but they live in North Carolina- is this a community property state?
By the way- we love him dearly, and do not forsee that such a happening would occur... they have been together for 7 years- and are the best of friends :-).
Thank you.
Hi countrycollection,
North Carolina is not a community property state.
If your would be son-in-law as well as your daughter have a stable income and excellent credit scores, then both of them will be able to get a mortgage in their names. However, in order to get the mortgage jointly, both of them will have to pre-qualify for a mortgage by applying to the lender. In that case, both of them will have their names mentioned on the property deed. If your son-in-law takes out the mortgage solely in his name, then there are chances that your daughter's name will not be mentioned in the property deed. Thus, she won't be considered as the owner of the property.
Take care.
North Carolina is not a community property state.
If your would be son-in-law as well as your daughter have a stable income and excellent credit scores, then both of them will be able to get a mortgage in their names. However, in order to get the mortgage jointly, both of them will have to pre-qualify for a mortgage by applying to the lender. In that case, both of them will have their names mentioned on the property deed. If your son-in-law takes out the mortgage solely in his name, then there are chances that your daughter's name will not be mentioned in the property deed. Thus, she won't be considered as the owner of the property.
Take care.
Hi countrycollection,
It is not true that person will be getting loans (FHA) when he is single and won't get when he is married.(or it is difficult to get when one is married)
your would be son in law might have got some misleading information from the bank officials.
thanks and keep in touch.................
It is not true that person will be getting loans (FHA) when he is single and won't get when he is married.(or it is difficult to get when one is married)
your would be son in law might have got some misleading information from the bank officials.
thanks and keep in touch.................