How will my fiancé’s situation affect qualification?

Home Forums Purchase Program How will my fiancé’s situation affect qualification?

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  • #39056
    Ramona
    Member

    My fiancé is disabled and I will be purchasing the home on my own. I understand that we both have to submit our income and credit reports but how much of his credit will be considered? He has no open lines of credit and a lot of medical bills in collections (car accident left him disabled). The whole reason we are putting it under my name alone is because I have enough income and a great credit history. I’m a nazi when it comes to sticking to a budget. I’m worried now though after going to the workshop that his credit situation will affect my ability to get us into a home. Any guidance and shared experiences would be great.

    • This topic was modified 3 years ago by Ramona.
    #39059
    Krh
    Member

    Hi Ramona,

    It shouldn’t affect you at all if you’re doing it under your name. There are many reasons of why it works best for many to place the mortgage under one of the spouse’s name. What you will have to do is provide a letter explaining the reason for why you’re choosing to not have him on the mortgage and you can list what you have listed in this email.

    #39061
    Ramona
    Member

    Thank you for your response! Is “I’ve been married and divorced before, been there done that, never want to do it again” a sufficient reason to have the house in my name only? lol jk

    #39088
    TTrumble
    Member

    Hello Ramona,

    Actually, your counselor will have to answer your question specifically. The variable here is the state in which you live and what is commonly referred to as “community property”. In SOME states, once you are married, the concept of “what’s yours is mine and what’s mine is yours” can extend to those medical debts.

    In general, having only your name on the mortgage provides more protection if you divorce more than it does when getting married.

    Again, consult with your counselor (or a family law attorney).

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #39093
    Ramona
    Member

    Thanks Tim,
    I guess I was asking more in terms of the more immediate future….my NACA qualification. I already know we are going to have the mortgage in my name only, I just wanted to know if his debt is going to negatively impact my ability to qualify?

    @ttrumble

    • This reply was modified 3 years ago by Ramona.
    • This reply was modified 3 years ago by Ramona.
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