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joeyostjr
181 Posts |
 Posted - 06/30/2008 : 11:20:32 AM
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Hi,
I have a good friend buying a home in Florida. I am not licensed there so they are just asking for my advice etc. A job transfer is moving them from AZ to FL and the Realtor is telling them both the Husband and Wife need to be on the loan because of what Florida has set up. That doesnt sound right to me.
Here in AZ the wife/husband signs a Disclaimer deed acknowledging this but does not need to be on the loan docs etc. I also know lenders are pulling the spouses credit to make sure of them dumping another home. The husband just has bad credit and the wifes is great and qualifies without him on all levels.
Does the husband have to be on the loan?
Thanks! |
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mdiclemente
1016 Posts |
Posted - 06/30/2008 : 11:28:33 AM
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| No, the husband does not have to be on the loan. I have heard of lenders requiring the pulling the spouse's credit before, but I have never had the issue first-hand. He can be on title, but not on the loan. At minimum, they will do a BK, FK, and public record check on the husband to make sure there's not something weird going on and a MERS check should uncover any additional properties that have not been disclosed. The last two purchases that I have done have been only in the name of one spouse with both on title. It is a common misconception in Florida that both have to be on title. |
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joeyostjr
181 Posts |
Posted - 06/30/2008 : 11:31:35 AM
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| Great! Thanks for the great info! |
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mdiclemente
1016 Posts |
Posted - 06/30/2008 : 11:37:26 AM
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How "bad" is his credit? If it is really bad and things show up, it could place the propety at risk if a judgement is awarded against the husband because Florida is a community property state. Normally, the only reason I would do a purchase under one spouse is if the other spouse isn't employed or has limited job history, etc. If the past items fit the situation, then it is likely that the other spouse has strong work history with plenty of income to debt service.
quote:
Originally posted by joeyostjr
Great! Thanks for the great info!
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aftc
28 Posts |
Posted - 06/30/2008 : 11:38:33 AM
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Mike is correct.
Spouse can hold title and not be on the loan. Spouse does have to sign the Mortgage and the TIL (and Right of Recission Notice for refi's).
Tell your friend he is welcome to call me for any additional help he may need.
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joeyostjr
181 Posts |
Posted - 06/30/2008 : 11:38:52 AM
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| good point. its a lot of medical. Other than than that no repos, big time credit card collections etc. |
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mdiclemente
1016 Posts |
Posted - 06/30/2008 : 11:44:29 AM
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I don't mean to get off topic and I agree that yes they do have to sign the "legals", but is it possible to do a purchase and not have the spouse sign legals on an owner occ? I really didn't think it was possible, but I had this discussion a while ago with a title company - they told me they have done it that way. The only way I think you can do that is on investments, but she insisted it was owner occ.
quote:
Originally posted by aftc
Mike is correct.
Spouse can hold title and not be on the loan. Spouse does have to sign the Mortgage and the TIL (and Right of Recission Notice for refi's).
Tell your friend he is welcome to call me for any additional help he may need.
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joeyostjr
181 Posts |
Posted - 06/30/2008 : 11:54:03 AM
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| he is ok with going on title later as well. |
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mdiclemente
1016 Posts |
Posted - 06/30/2008 : 11:56:33 AM
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I think he has to go on title. Also, I can't think of a good reason "not" to put him on title. There's no reason to wait.
quote:
Originally posted by joeyostjr
he is ok with going on title later as well.
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joeyostjr
181 Posts |
Posted - 06/30/2008 : 11:58:03 AM
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| ok great. I thought the lender might have an issue putting him on it etc. |
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aftc
28 Posts |
Posted - 06/30/2008 : 12:01:06 PM
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| Joining spouse must sign on Homestead property. Investment is ok to leave spouse out entirely, however I have heard of title companies having the spouse sign the "legals" on investment as well. |
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