Purchasing a home with your spouse is an exciting time where you can begin to have a place to call your own, decorate as you please, and raise a family.
When taking out a home loan with your spouse you should know what you are responsible and what the laws in your state say regarding property acquired during marriage.
Also known as marital property, in a community property state, any property acquired by either spouse is considered community property. Meaning here, the property belongs to both spouses. Here’s what you need to know about community property laws and your home loans.
As you well know, credit and debts are a big part of getting approved for a home loan.
Both you and your non-purchasing spouse’s credit and debts will be required when you apply for a home loan for a government backed mortgage such as an FHA loan. However, if the non-purchasing spouse has poor credit, it cannot be used to deny a loan to the borrower.
When taking out a home loan with or without your spouse, it is essential to know your rights in regards to debt.
Even if you or your spouse’s name will not be on the home loan, a signature from them is still required. This is typically done to show that they are not the borrower and not required to sign the loan contract.
If you are unsure about the laws in your state regarding marital property and your home loan, consult with your lender. They will help you understand everything you need to know about obtaining a home loan in a community property state with your spouse.
Putting a home into a trust may seem like an option reserved for older homeowners who have paid off their mortgage and have accumulated an estate, including assets such as a home, motor vehicles, various investments, boats, rental properties, furniture and even a vacation home. However, having a home that’s owned outright is not necessary […]
The start of a new year is often seen as the time to make major changes in life. While many people resolve to start hitting the gym, losing weight, reading more, or making a career change, others may decide to buy a new home in the coming months. That’s a great goal, one that can […]
Buying a home is one of the most exciting events in a person’s life. A new home can mean a new direction, a major step forward, the beginning of a family or just a fun opportunity to live in a new state, city or neighborhood. It’s also a complex task that involves several important steps. […]
