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Did you know in some states a non-purchasing spouse may still have to sign FHA loan paperwork in order for you to qualify for an FHA loan? The spouse may also have to go through a credit check even though they aren’t co-signing or co-borrowing.
507.03 PURCHASE-MONEY MORTGAGE; NONJOINDER OF SPOUSE. When a married individual purchases real property during marriage and mortgages the real property to secure the payment of the purchase price or any portion of it, the other spouse shall not be entitled to any inchoate, contingent, or marital property right or interest in the real property as against the mortgagee or those claiming under.
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The terms Non-Purchasing Spouse (NPS) and Non-borrowing spouse (nbs) are often used interchangeably in the mortgage industry, despite the fact that they are not the same thing. For example, an NBS on a refinance loan will often be referred to incorrectly as an NPS, even though there is no purchase occurring.
Closing Disclosure: Non-Purchasing Spouse QUESTION. We are a lender with some questions regarding disclosing the Closing Disclosure (CD). If we have a borrower and a co-borrower, must we send both individuals the CD for review? If we e-disclose, for the three day waiting period requirement do we.
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".
You can refinance in the future to remove the co-signer. If you are married and your spouse is employed, apply together so the loan can be based on his income. Build up your credit worthiness by.
This article focuses on a spouse’s debt liability, but there’s much more to Texas’s community property law than this. See Texas family code title, Subtitle B. 3 and Some Principles of texas community property law (PDF) to learn how Texas law handles divorce, spousal rights, and credit applications.