Community Property States and FHA Loans Except for the obligations specifically excluded by state law, the debts of the non-purchasing spouse must be included in the borrower’s qualifying ratios on FHA loans where the borrower resides in a community property state or the property to be insured is located in a community property state.

Regarding Non-Borrowing Spouses or Other Parties in Interest If two or more parties have an ownership interest in the property, but only one of the parties is applying for the loan (and credit qualifies for the loan on his/her own), it is not required that the non-applicant individual(s) execute the mortgage note and security instrument.

Warning. Although any federally backed loan, including a loan from the VA, won’t be affected by your non-borrowing spouse’s bankruptcy, this still could be a stressful time for you.

HUD and FHA amended the Home Equity Conversion Mortgage (HECM) program in January to prevent reverse mortgage lenders from calling the note from a surviving non-borrowing spouse. The amendment allowed.

When only one spouse is the borrower on a mortgage, he alone is financially responsible for repaying the loan. The other spouse is called the non-purchasing spouse.

The idea of allowing a non-borrowing spouse to stay in the home and assume the loan may sound good for borrowers, but the industry worries if it’s actually possible. “I could see how it could.

FHA Extends Deadline for Non-Borrowing Reverse Mortgage Spouses-Reverse mortgage lenders have been given a deadline extension when assigning home equity conversion mortgages (HECMs) to the Department.. A non-borrowing spouse is a spouse who doesn’t qualify to be a full borrower on a HECM reverse mortgage because they are not yet 62.

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Can You Add A Co Borrower On A VA Loan? Non-Borrowing Spouses The FHA’s flexible qualifying guidelines often enable borrowers to gain financing using only one applicant’s credit, income and assets. The FHA insures participating lenders against losses in a default, making lenders more willing to finance a borrower despite modest means.

FHA purchase mortgages have low credit requirement. The lender is required to obtain a credit report for a non-borrowing spouse who resides in a community property state, or if the subject Property.