"Just yesterday, FHA issued two mortgagee letters to address some of the shortcomings in its procedures that had adversely impacted non-borrowing spouses seeking to sustain themselves in their homes.
Re: FHA and Non Borrowing spouse debt Update: A terrible update! Despite my loan officer and processor all reassuring me that my spouse’s debt/student loans did not matter, the UW came back with approval with conditions which required my spouse’s student.
The only time a non-borrowing spouses credit history will not count against the primary borrower/buyer, in a community property state, is when the short sale, foreclosure or bankruptcy occurred before your marriage. That is why couples engaged to be married may want to consider buying a home before getting married.
4. April 25 – FHA Updates Reverse Mortgage Program to Protect Non-Borrowing Spouses Long-awaited guidance on the topic of non-borrowing spouses finally came when HUD issued a mortgagee letter.
Qualifications For Fha Mortgage 2 Below is a list of content updates being made to the Handbook: handbook section handbook Changes Page Number Section I – Doing Business with FHA I.A.3.c.iv(B)(3)(b)(ii) Employees –
. community property is in effect, a lender is required to request a credit report from the non-borrowing spouse when doing an FHA or VA loan.
This portion of the fha loan rules introduces the concept by explaining, "If the Borrower resides in a community property state or the Property being insured is located in a community property state, debts of the non-borrowing spouse must be included in the Borrowers qualifying ratios, except for obligations specifically excluded by state law."
And, the non-purchasing spouse still has to go through a credit check, even though they aren’t a co-signing or co-borrowing on the fha mortgage securing your new home. The non-purchasing spouse’s signature is required only to acknowledge in writing that the spouse has no claim on the property, but aware of the loan and normally will.
In case you missed it, here’s what happened in reverse mortgage news this week: FHA Updates Reverse Mortgage Program to Protect Non-Borrowing Spouses-Non-borrowing spouses will be able to defer the.
This is income that one spouse pays another after filing for a. can’t be over 41 percent of your income. With non-FHA.
A non purchasing spouse is defined as the spouse who is NOT on the mortgage loan. They may or may not be on the title to the property. In community property states, the non purchasing spouse may have a big impact on qualifying for a mortgage even though they are not on the loan because of something called "community property rules".
Fha Income Guidelines The FHA has finally issued a long-awaited update to its condominium rules, announcing earlier in August that it will now allow individual unit approval and is taking other steps to loosen requirements.