Posted on: 20th Jun, 2011 04:05 pm
What problems might we face if we get married in the middle of the mortgage loan process? My fiance is financing the loan alone as we are going with a VA loan. Or... at what point is it "safe" to get married during the loan process?
if you become married prior to the loan closing, then you might have to sign a quit claim deed stating that you waive your right to the property if you are not going on the loan. in community property states, a married person, if on loan solely, then the spouses credit must be pulled and account for any debts you might have. might be easiest to get the loan funded then proceed with the wedding. good luck!
You should try to consult an expert in loans so that you will not have any problems in the future. As you can see, experts will make any transaction easier for you plus the fact that they will also give you a better understanding on what you are going to do next.
Other than the potential ramifications mentioned by Chris, it would seem that this ought not to complicate matters for you. Since you're not a borrower, there wouldn't be any name changes necessary for the loan documents, right? Have your nuptials when you want to have them.
If you're not a Veteran, you can't go on Title with a VA guaranteed home loan unless you're married to the person who qualifies for the loan, so I suggest waiting until you sign the marriage certificate before you close your loan. That way you'll be able to use both your incomes to qualify, and both of you will be on Title and the Note.
