· Once the loan was transferred to the California office for processing, we were informed California is a community property state and they must run the credit of the non-purchasing spouse. While her credit score cannot get us rejected (it wouldn’t anyway her score is great) they said her debt must be included in the debt to income ratio.
Spousal States and Community Property States: What You Need. – Community Property States. In Community Property States, all liabilities are considered 50% responsibility of both spouses. Therefore, your spouse’s debts may negatively affect your mortgage application. For example, if you are applying for a government loan insured by the Federal Housing Administration (FHA) or the Veteran’s Affairs (VA),
FHA loan rules state clearly: "Non-applicant individuals can have an ownership interest in the property at the time of settlement without executing the mortgage note and security instrument, regardless of whether the transaction is a purchase or a refinance." These rules do include certain considerations, depending on circumstances:
Louisiana Revised Statutes 9:2801.1 – Community property. – When federal law or the provisions of a statutory pension or retirement plan, state or federal, preempt or preclude community classification of property that would have been classified as community property under the principles of the Civil Code, the spouse of the person entitled to such property shall be allocated or assigned the ownership of community property equal in value to such property.
Wholesale FHA Guidelines – TMS – Wholesale – The Money Source – FHA loan limits. mortgage Insurance. $1,089,787. Check FHA mortgage limits per subject property county.. Community Property States .
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If you're purchasing in one of the country's nine community property states, lenders can consider your spouse's credit profile and debts even if.
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FAQs – FHA New Handbook 4000 – FHA guidelines state that if the appraisal is not used for the purpose of FHA insurance, the appraisal can be obtained through any method the lender selects. FAMC’s policy is that the appraisal must be Appraiser Independence Rule (AIR) compliant;
List of Community Property States | LoveToKnow – States Without Community Property Laws. The states not on this list do not have community property laws and are considered common law property states. In these states, the property acquired during the marriage belongs specifically to the person who acquired it, unless the property is in both parties’ names.