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can i get a mortgage loan in just my name?

bigbear1 - 2009-12-30 09:03:51 - Renting Real Estate

hello, my question is... my spouse has a mobile home loan in his name only (mine name is not on the loan at all) and it's only for the mobile home no land included. could i get a mortgage on a house in just my name as a first time home buyer? i have a really good paying job, credit is good, and no car payments ect...my debt to income ratio is low, we plan on renting or selling the mobile home. i just wasnt sure if i could since i have no type of mortgages out in my name.

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you sure can. i was a first time home buyer when the housing market was crashing and i had about 50% debt to credit, but really good credit score. i had 2 cars under my name, being payed off at this time too. but i was still able to get the home loan. it's getting harder to find someone that will approve you for a loan and if your and your husband have shared accounts or share payments on bills and combined your credit scores then this will make things harder for you.

yes you and he can be joined on this note as the current mobile home is not considered real estate as it is not affixed to the land and as such is chattel just like a car or boat. I would say that selling it will lower the debt ratios so you can qualify for more home I am a mortgage banker in TN

You may be able to get a loan for the home if your credit/income are good enough. As for the first-time home buyer... Since your spouse already owns a home, I believe that also classifies you and "not a first-time home buyer" But, the new home buyer rules state...if you have lived in your presently owned home for 5 of the last 8 years you can qualify for a 10% credit up to $6500. as long as the new purchased home will be your primary residence. Talk to a mortgage company/bank and see first if you qualify for a loan. The process will begin there.

Of course you can apply for a home loan. You wont qualify for the first time home buyer's tax credit though. Since you are married, your husband's property is also yours.