Can a you change from Joint to Single on home loan before closing?

[Mslewis1999]

My husband and I are currently in the process of having a house built.  Should be completed by August.  I needed his income to qualify for the house.  I recently got a new position in the same field and making almost double the income.  Is there anyway I can go on my own and try and to get some grant money because now I would qualify for it on my own?  Thanks for any advice.

[DallasLoanGuy]

Who is financing the build? You or the builder?

In other words.... is this a construction loan or are you waiting for it to be done so you can get a mortgage to buy it?

[Mslewis1999]

This is a construction loan.  I was told we should close by August 8, 2008.

[DallasLoanGuy]

ok, so you are paying interest on the construction costs until th house is complete?

[Mslewis1999]

Ok now I am confused.  What do you mean by we are paying interest on it until it's completed.  I know nothing about that and never heard such a thing.  Can I change to my name only before closing?

[DallasLoanGuy]

it depends on whether you are in a costruction loan or a regular purchase loan.

it sounds like to me that since you aren't paying interest on the construction costs that you are actually just preapproved for a regular purchase loan on a home being built by a builder who is footing the construction costs themselves.

in which case, you can get preapproved again with just one party on the loan ap

when you answered "this is a construction loan", i wanted to make sure that you really werent in a construction loan where you were approved, underwritten and funded for the construction loan..... typically used by people using a small custom builder who asks his clients to foot the construction costs.

[Anonymous]

You can always try to get a loan in your own name. Whether you are in a construction-to-permanent loan (a loan that builds your house and you pay on it over the remainder of the 30 years- or what length- once you move in- also an "all-in-one" loan), or just a construction loan, you can refinance at any time into your own name. Once a loan is closed, the chances of having the bank take your husband's name off is not very likely. Refinancing is really the only option with 99% of closed mortgages.