Spouse on loan?

[kman1011]

Ok, my wife is a homemaker and I have been improving my credit,. I have a good income and wonder if it is possible to get a mortgage witout listing her?

[Anonymous]

I'm not an expert (I'm sure someone more knowledgable will be along shortly), but when we filled out our Mortgage Market Uniform Residential Loan Application, it contained the following...

"This application is designed to be completed by the applicant(s) with the lender's assistance. Applicants should complete this form as "Borrower" or "Co-Borrower", as applicable. Co-Borrower information must also be provided (and the appropriate box selected) when the income or assets of a person other than the "Borrower" (including the Borrower's spouse) will be used as a basis for loan qualification or the income or assets for the Borrower's spouse will not be used as a basis for loan qualification, but his or her liabilities must be considered because the Borrower resides in a community property state, the security property is located in a community property state, or the Borrower is relying on other property located in a community state as a basis for repayment of the loan. "

Hope this helps!

[kman1011]

SO since I am not using her income I would say no, but I do not know if SD is a community property state, can anyone help? She has a lot of things from before we were married that as far as I can tell I am notl iable for?

[laura66]

I believe it is possible to have the loan strictly in your name, but the title in both names.

[firstsource]

Yes, it is easy to have just your name on the loan. If you choose, you can put her on title after the closing, or if you have a family, you might put the home into a trust. You just leave it there, it is protected legally and if you want to re-finance, you just take it out of the trust for the moment of the resigning.

Charles