Hello, my husband and I are looking to move out. Neither of us have any experience with the process of moving out and getting financial assistance.
The problem is that currently, my husband "owns" the home we live in; we reside with additional family members and his parents transferred my husband and his brother's names to the deed some years back, despite my husband's hesitance to do so.
We tried to get his name taken off the deed so that we can potentially re-qualify for first time home buyer's loan in a few years, but it turns out that in order to do so, we would have to get the property re-evaluated. As a result, we assume it will raise property tax and thereby screw over his family if we do so.
We still would like to qualify for this loan if possible… Is there a way that we can still qualify for it via my name only? Re-evaluation and taking his name off the deed is out of the question for us. Or can we only rely on other forms of loans at this point?
(California) Confused about First Time Home Buyer loan
byu/vanillaes inRealEstate
Posted by vanillaes
2 Comments
Being on a deed without actually owning/living in the property you want to buy is such a weird gray area. Most first-time buyer programs look at both spouses’ history, so even if you apply solo, they’ll probably still check his ownership status
You could try applying just under your name but be prepared for them to ask about household income and his assets anyway. Some lenders are more flexible than others about these situations. Might be worth talking to a few different mortgage brokers to see if anyone has dealt with this exact scenario before
Worst case you’re looking at conventional loans which aren’t teh end of the world, just higher down payment requirements
There aren’t really first time homebuyer loans that are available to most first time homebuyers
What specifically are you thinking about trying to apply for?