If you’re married and looking to buy a home with a spouse who is not going to be on the mortgage or the deed, there are FHA guidelines that you’ll need to follow. These guidelines state that the non-applicant spouse must still be included in all credit decisions and that both spouses must sign all loan documents. Additionally, the non-applicant spouse must be listed on the property’s mortgage and deed.
Can You Get an FHA Loan Without Your Spouse
The FHA lender will consider the monthly obligations of a non-applicant spouse when calculating the qualifying ratio for a loan. However, the non-applicant spouse’s credit score will not be considered in the loan application.
Is Your Spouse’s Signature Required?
The spouse’s signature is necessary to protect them from any possible financial implications resulting from their partner taking out a mortgage on a primary residence. Many states require this signature to prevent any future complications, especially in the event of a divorce.
Will the FHA Consider Your Spouse’s Credit If You’re Getting Divorced?
You must follow the FHA guidelines on non-applicant spouses if you are legally married. Your spouse must be included in the loan application process, even if they will not be living in the home with you. If you are getting divorced and do not want to involve your spouse, you must wait until after your divorce is finalized before you can apply for an FHA loan.
Can Your Spouse Be on the Mortgage But Not on the Title?
The Federal Housing Administration has guidelines stating that if a spouse is on the mortgage, their name must also be on the title. This means that if you only want one name on the title, that person must be the only one on the mortgage.
How Can You Get an FHA Loan If Your Spouse Has Bad Credit?
The credit score of your non-applying spouse will not be considered when you apply for an FHA loan. However, the income and debts of your non-applying spouse will be considered when determining your eligibility for the loan.
The lender will not be able to look at your spouse’s credit report or factor in the debt that may appear on that report if you finance your new home with a conventional mortgage.
Will Your Spouse’s Bad Credit Hurt Your Chance to Qualify for an FHA Loan?
If your spouse is not going to be on the mortgage, their credit scores and credit history cannot result in a loan denial. However, if your spouse has a lot of additional debt that is not also on your credit report, that additional debt can potentially lead to a loan denial if your debt-to-income ratio is too high.
We’re Here For You at America’s Mortgage Solutions
It is possible to get an FHA loan without your spouse. You will need to provide proof of financial responsibility, and you may need a higher credit score than if you were applying with your spouse. However, this option can be a good way to get the loan you need if your spouse does not have good credit or is otherwise not financially responsible.
America’s Mortgage Solutions are your home loan experts serving North Palm, West Palm, and throughout the state of Florida. We are dedicated to ensuring your home purchase or refinance experience is smooth, seamless, and stress-free. Our goal is to help you achieve the American dream of home ownership. If you’re looking for a mortgage lender in North Palm Beach, we’ve got you covered! Call us today at (561) 316-6800 and let’s discuss your options!
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