Hello,

My husband and I are were married in California and are buying our first house in California. He is obtaining the mortgage because he has a great income. He said it would be easier because, although I have better credit, I had a low income last year.

In CA, will the lender stipulate that the wife be on the mortgage even if her info (credit and income) are not considered?

Also, does CA law mandate that the wife's name be on the title if the husband is buying the home?

If the law does not mandate the above, can we put my name on the title (in CA) even if my name is not on the mortgage?

I would like my name on the title even if it is not on the mortgage since I will be paying into the mortgage and want a sense of security.

Advise please :)

California is a community property state you are protected. Any property purchase in the marriage you will be entitled to half regardless of who name is on the title.

That being said you are marriage but you can operate individually. You can purchase a house as an individual. The government is not going to stop you from doing this or say hey you are married you can not purchase these things without your spouse being a part.

To answers your questions.. No, the lender does not stipulations that you have to be part of the loan. Only, time they probably would be in the event you needed to co-sign.

No, again on the second question.

Yes... husband as the owner can but you on the title.

It sounds like your husband knows what he is doing. If you are not on the loan techically you haven't purchased a home. The next home you get will probably be in your name because you will still qualify as a first time buyer, he would not. He will be the co-signer if you credit is still jacked up at the time.

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Originally Posted by happyhomebuyer

Hello,

My husband and I are were married in California and are buying our first house in California. He is obtaining the mortgage because he has a great income. He said it would be easier because, although I have better credit, I had a low income last year.

In CA, will the lender stipulate that the wife be on the mortgage even if her info (credit and income) are not considered?

Also, does CA law mandate that the wife's name be on the title if the husband is buying the home?

If the law does not mandate the above, can we put my name on the title (in CA) even if my name is not on the mortgage?

I would like my name on the title even if it is not on the mortgage since I will be paying into the mortage and want a sense of security.

Advise please :)

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Thanks Marriedguy, I appreciate the answer. A couple of other things:

I have good credit but unstable income currently. Would that have affected us getting a good loan together given that my husband makes more than enough money to qualify on his own?

Also, what if my husband decides to purchase the home through his company? Am I protected by CA marriage law as well?

Thanks again.

Yes, it could. When purchasing a home the credit score is a major factor but having a stable income is also a factor. If you W2's reflect one year you made 20k and the next year 10k it doesn't sit well. But if one year w2' is 30k, next 31, and 32k next from a different company that is not a negative.

That last question got me. If some put a gun to my head I would answer yes. If the corporation purchase the house and then he paid back the corporation that is community property. The community property law excludes gifts and inhertance.

Could the corporation gift the house to him? Where are the real estate experts when you need them.

If you have good credit you will only help with the purchase of the house your income won't matter. The more people responsible for paying back the loan the better as far as the bank is concerned. So even if your husband makes 90k a year and you 5k together you make 95k with a better average credit score. So together you are better qualified for the loan than just with him on it.

This bothers me. If you had bad credit I could understand not having you on the mortgage because it would affect the interest rate. But as long as you have good credit, the total income would be considered. Even if you were a non working spouse as long as he had enough income yours wouldn't matter.

Are you talking just to your husband or to a banker or mortgage broker. I suspect you will get a different story if you talk directly to a lender.