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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".
Community Property States and FHA Loans. Except for the obligations specifically excluded by state law, the debts of the non-purchasing spouse must be included in the borrower’s qualifying ratios on FHA loans where the borrower resides in a community property state or the property to be insured is located in a community property state.
Under Mortgagee Letter 2014-07 (April 25, 2014) released earlier today, HUD announced that, effective for Case Numbers for HECM loans.
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Non-Community Property States The specific community property laws in each state vary, but they all generally state that property obtained during the marriage is owned by both couples and is divided between the parties in a divorce, annulment, or death.
· Disputed derogatory credit accounts of a non-purchasing spouse in a community property state such as Texas are not included in the cumulative balance for determining if the mortgage application is downgraded to a “Refer”. “Non-derogatory disputed accounts” are excluded from the $1,000 cumulative total.
At minimum, this requires the non-purchasing spouse to sign some of the legal documents at the closing, but at the worst, can create a particularly bad situation; unreasonably holding up closings,
Non-Purchasing Spouses. Depending on state law, the non-purchasing spouse may be required to sign the security instruments if the spouse is relinquishing all rights to the property. However, a non-purchasing spouse may have an ownership interest in the property without being considered a borrower for FHA purposes.
When the non-purchasing spouse must submit to a credit check FHA loan rules dictate that bad credit reports on the non-purchasing spouse can’t be used to deny an FHA mortgage to the borrower, but the credit check is required nevertheless.
Non borrowing spouse signature requirements by state. VP at a bank (6m usa) good afternoon — would anyone be willing to share (if you have) a state by state breakdown of what documents a non borrowing spouse must execute in a purchase transaction? I am trying to research, but gets.