Question about community property

[Anonymous]

I have a question about community property. I know that if I get a mortgage in my name only my husband's debt will be included but not his income. But does his debt that he incurred before we got married count? He only has 2 debts and both were before the marriage.

[Anonymous]

have heard conflicting answers on this and would be curious to know as well.  I have heard that any debt that shows on the creit report has to be counted.  I have also heard that debt prior to marriage could be ignored as long as the reporting date is prior to the marriage date.  Not sure.

[BrianB_The_Loan_Professor]

Plan on counting it.

[Anonymous]

That's a bummer. Who made up the rule that you have to include your spouse's debts, if not on the mortgage but not their income? Seems a little backwards to me. Oh, well thanks.

[DallasLoanGuy]

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@Anonymous wrote:
That's a bummer. Who made up the rule that you have to include your spouse's debts, if not on the mortgage but not their income? Seems a little backwards to me. Oh, well thanks.

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HUD set the rules.... their language is poor,  but must be followed.

[Anonymous]

I hope somone who knows for sure will post to clarify, but my understanding is that "community property" laws are also "community debt" laws.  In other words, all property belongs equally to both spouses, but so does all debt (some states draw fine lines between debt/property acquired before the marraige and debt/property acquired during the marraige).  When you think about it, it only seems fair.  So they gotta consider your spouse's debt because it is also *your* debt according to the law.

[ShanetheMortgageMan]

FHA loans for homes, or borrowers, located in community property states, require that the non-borrowing spouses debt payments be included in qualifying.  The only exception is if state guidelines for community property differs, and if so, documentation would be needed to show.

[DallasLoanGuy]

i live in a community property state and have done a ton of ha loans in community property states.

spouse credit report will be pulled and ALL DEBT will be added to the borrowers liabilities.