Another day and more panic!!! ATTN: Shane or Dallas!!!

[FSUGAPEACH]

So I call LO with a question a few minutes ago. You see I own a home and DH is purchasing a home in his name only with his credit. We are going to be leasing our current home (which is in my name) once we get the clear to close. I asked the LO if I need any proof once we rent the house out and he said that no my credit is not in his equation at all and that the UW will not know that DH has a spouse that owns a house. I then said well aren't they going to see the mortgage payment coming out our checking account every month? He then got really quiet and said you have a joint account don't you??? WHY YES I DO!! I sent all copies of my bank statements to him a few weeks ago. So he just called back and said to send him my Hud1 as well as my warranty deed to show as proof to the UW that Chris is nowhere on this loan. He said its nothing to worry about but I am just so stressed!!! Does anyone have any experience with this?

[SuzyStellar]

I have no idea, sorry I am learning to.  I just wanted to take a minute and say Good Call though.  I think it is awesome that you caught that.  It sounds like that could have been something serious to deal with mid deal.  High Five to you! 

[Booner72]

Near the very end of my underwriting, they pulled DH's credit.  (I got the house w/o him).  I asked why.  She said so they can make sure there aren't any "secret mortgages" out there.  Since you aren't on the house then I don't see why it matters.  But for me it was huge to prove there wasn't another house, bc I bought Fannie Mae Homepath as a first time home buyer.

I don't see a problem with you owning one by yourself and he owning the other by himself..

What kind of loan?

[FSUGAPEACH]

It's just an FHA mortgage. I am a natural worrier so everything little thing like this is stressing me out. I was under the impression from Day 1 that my house is separate for him and his credit so I'm not sure what the deal is. I faxed over our HUD 1 and Warranty Deed as proof that he was not on the mortgage.

[StartingOver10]

It might make a difference if you are married and in a community property state. Are you married? (DH doesn't mean you are married...lol)

In which state do you reside?

[FSUGAPEACH]

I'm married and reside in GA which is not a community property state.

[StartingOver10]

There is nothing wrong with each of you owning your home separately. Providing the HUD1 just shows you bought it yourself which will probably be the info the underwriter needs.

Do you have an FHA mortgage on your current home?

[FSUGAPEACH]

I hope you're right! The home I own is FHA as well. Hud1 and warranty deed are in my name only.

[MissMia75]

I'm not too sure FHA will Insure a second FHA loan as it is a requirement that the home is owner occupied at all times.  I will wait to see what the vets chime in to say.  My only concern is when they pull the CAIVRS report and see that there will be a 2nd FHA request for a loan.

[Booner72]

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@MissMia75 wrote:

I'm not too sure FHA will Insure a second FHA loan as it is a requirement that the home is owner occupied at all times.  I will wait to see what the vets chime in to say.  My only concern is when they pull the CAIVRS report and see that there will be a 2nd FHA request for a loan.

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Now that you mention this Mia, I remember another post about this very thing.  I think OP is PROBABLY going to have to get a conventional loan.  Isn't there some kind of 3 year rule or something, though?