Posted on: 01st Apr, 2010 11:06 am
I made an offer on this property worth of $260K and Iam going to conventional loan with 20% down payment. My loan is declined since my husband owned the property and I never been on the loan or mortgage. Please help me. Thanks!
Hi Guest,
Your name has to be on the property deed in order to get the loan. You should ask your husband to sign a quit claim deed and transfer the property to you. Then you can apply for a loan. If you meet the required criteria of the lender, you would be able to get a loan.
Thanks
Your name has to be on the property deed in order to get the loan. You should ask your husband to sign a quit claim deed and transfer the property to you. Then you can apply for a loan. If you meet the required criteria of the lender, you would be able to get a loan.
Thanks
Is there presently a mortgage on the property? If there is, is that mortgage balance owed more than what you are offering??
There has to be more to the scenario. Why would you be buying a house from your husband? Does he have a mortgage and is it presently past due??
There has to be more to the scenario. Why would you be buying a house from your husband? Does he have a mortgage and is it presently past due??
is it a short sale? That'd mean you'd be buying it from your husband for less then he owes his current Lender, and they're not going to allow that.
Can you provide us with more details?
Can you provide us with more details?
