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Do I qualify for the first time home buyer program

by Kurt K.
(California)


I'm recently separated from my wife. I have not owned a home in my name in over 6 years.

However, my wife owns a house with her parents.

Again I'm not on title of any properties.

My question is this: Do I still qualify for the first time home buyer programs?

=====ANSWER=====

Hello Kurt,

Well you have a good question here. I just want to be sure I understand your situation correctly before I answer it.

You say you are separated from your wife. This means to me that you are not divorced, but legally separated correct? You say that your wife owns a home with her parents and that you are not on title. Are you on the mortgage for that home? Is there a mortgage for that home?

In many states, we can be on the title and not the mortgage because only one mate qualified for the mortgage, yet because you are married and have dower rights, you have a legal claim to the house in the event of a divorce.

This is kind of a delicate subject, and you must know that I'm not giving any legal advice here. Nor am I qualified to do so.

To determine if you are qualified for a first time home buyer program, it is important for you to realize that you must not be on any other mortgage right now. The link just above will help you understand the programs available to you.

So, assuming you are not on any mortgage at all I will go from here. I think that is what you're saying, if not please reply and let me know.

If you have not been on a mortgage for 6 years, then yes you are certainly qualified for a first time home buyer loan.

However, if you are still married and buy a home with a new mortgage, your wife may have dower rights to the home.

I see you live in California, I do not know the laws for that state. But you may want to consult with a lawyer before moving to far into the home buying process.

Again, assuming you are clear of any legal obligations, I personally feel that the best FHA home loans should be available to you. Feel free to visit the links on this page to read more about them.

In closing, just let me say why I feel the FHA mortgage is your best choice. The FHA Loan Requirements are the easiest to qualify for. They have low down payment requirements, minimal credit requirements and also allow you to use up to 3% seller concessions.

I hope this helps to answer your questions. I wish you the best in your pursuit of buying a home. Just be sure to do all of your homework before you do.

I offer tons of FREE advice at this sight and really thank you for coming by and asking a question. Please feel free to pay it forward and help other people you know looking for a home about my site.

Kind Regards,

Jeffrey Ragan

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Can I Get a Mortgage Without My Husband?

by Cheryl
(MI)

Can I get a mortgage without my husband, whom I'm separated from?

For the last four years, my husband and I have lived separately. I am wishing to obtain a mortgage and I wondered if since we are still married, would he have to be on the loan with me?

=====ANSWERS=====

Hello Cheryl,

Thank you so much for stopping by my website and leaving a question.

You are asking a question that may be better answered by a lawyer. I am not qualified to answer any legal questions.

From a mortgage staindpoint, you can buy a home without your husband if you can meet the minimum mortgage qualifications. You have not provided me any details to help you there.

You can visit my FHA page by clicking here for details on fha home loans to learn more.

Since Michigan is my home state, I do know that it is a community property state. That means that when married, if you divorce you have to split property equally. So you should seek legal advice because I'm not sure how that may affect you.

I hope this helps. Thank you again for coming by my site. Please feel free to like us in FaceBook or gives us a shout out in Twitter. By helping me spread the word, you can help others and me.

Kind Regards,

Jeff

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Joint Mortgage

by Danette
(Toms River NJ )

My husband and I have recently separated. I'm not on the mortgage loan due to when we refinanced, my credit score was too low. We haven't paid the mortgage since Oct, 2011.

He has moved out of the house and I am going to need a place to live. This house will be going into foreclosure and I tried to modify but my lender told me I did not qualify.

My sister and I would like to purchase a home together. My credit score the last time I checked was around 630.

My sister on the other hand has a lower score. Is there a way we could purchase a home together with our income joined together?

=====ANSWERS=====

Hello Danette;

Thank you for placing your confidence in me and asking your questions here in my blog.

Sorry to hear your marriage is coming to an end.

Since you are not on the mortgage, he will be the person who ends up with the foreclosure on his credit. This is not a good thing for a persons credit score.

However, if I'm understanding your situation correctly, you have already tried to get your own mortgage and save the house. You must not have qualified for your own mortgage because of a lack of income. So this must be the reason why you want your sister to go on a mortgage with you.

Your credit score of 630 should be good enough for an FHA home loan. Most of the time, you can get the maximum LTV (96.5%) loan with a score of 580-620.

Sometimes a person with a score from 500 to 579 can get a FHA mortgage with a 10% down payment. Usually this requires an underwriter exception. Each mortgage is judged based on its own merit.

So if your sister falls into this category, it may be worth applying for a FHA home loan.

Hopefully you find this helpful. I also urge you to keep in mind, if you go on a mortgage with someone and you end up having to go separate ways, the only way out of the mortgage is to sell the house or refinance it on your own.

Kind Regards,

Jeff Ragan

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