Non Purchasing Spouse with Texas FHA Loans
The non purchasing spouse is a married person NOT on the mortgage loan. But there is special treatment of the non purchasing spouse with respect to FHA Mortgage Loans in Community Property States like The Great State of Texas.
A non purchasing spouse situation arrises when for whatever reason one spouse is left off of a mortgage loan. Typical reasons are that one spouse has bad credit and the other spouse can buy the home solely on their income and credit.
In Texas, as all community property states, the non purchasing spouse will have their credit pulled. Debt payments not showing on the Purchasing Spouse's credit will be added to the loan application and as a result affect the debt ratios on the loan. This is to assure that there aren't any 'Household Debt' that would affect the ability to repay the loan.
Borrowers in this situation should work with a lender who understands the guidelines and can offer a Conforming option to their borrowers.
Tom Burris
DallasLoanGuy.com
Dallas, TX
I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
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