Mortage question

[teachmehistory 0]

hey fellow UK-ers,

does anyone have any experience with mortgages and their new spouses?? My husband and I would like to refinance my home together now that he has EAD and a job over here. Can he be put on the mortgage with his SSN and EAD and such or do we have to wait for him to have his GC to be a property owner??

thanks for any help, and if there is somewhere more useful to post this question, please let me know!

Sara

[Mrs. BB 0]

hey fellow UK-ers,

does anyone have any experience with mortgages and their new spouses?? My husband and I would like to refinance my home together now that he has EAD and a job over here. Can he be put on the mortgage with his SSN and EAD and such or do we have to wait for him to have his GC to be a property owner??

thanks for any help, and if there is somewhere more useful to post this question, please let me know!

Sara

Last year when I was still doing mortgages, whether or not someone was a GC holder was irrelevant. There is even a process, something called No Doc loans, where if a certain percentage of the downpayment is made, usually 50%, you don't even have to submit documentation of employment.

What is going to matter is your spouses credit history. Most mortgage brokers use the middle FICO score of the primary borrower. The primary borrower would be the person that makes the most money. If your husband makes more money than you and has no or poor credit, refinancing with him as the primary on the loan will most likely result in a higher interest rate. However if you make the most money and your credit is good, your score will be the one that makes the difference. Talk it over with your mortgage consultant. The most prudent course of action may be to not have him on the loan but to have him on title.

I hope this helps.

[*julez* 124]

hey fellow UK-ers,

does anyone have any experience with mortgages and their new spouses?? My husband and I would like to refinance my home together now that he has EAD and a job over here. Can he be put on the mortgage with his SSN and EAD and such or do we have to wait for him to have his GC to be a property owner??

thanks for any help, and if there is somewhere more useful to post this question, please let me know!

Sara

We are buying a home right now and my bank is allowing my husband to be on the loan because he now has his greencard. When I initially applied for pre-approval they wouldn't put him on the loan as the green card was not yet approved. It appears that each bank does things differently, so you may want to check with the bank you will get yor financing through.

ETA: Hubs has no credit here, but since I can qualify on my own they are allowing him to be a co-borrower.

Edited June 4, 2008 by *julez*

[Mrs. BB 0]

hey fellow UK-ers,

does anyone have any experience with mortgages and their new spouses?? My husband and I would like to refinance my home together now that he has EAD and a job over here. Can he be put on the mortgage with his SSN and EAD and such or do we have to wait for him to have his GC to be a property owner??

thanks for any help, and if there is somewhere more useful to post this question, please let me know!

Sara

We are buying a home right now and my bank is allowing my husband to be on the loan because he now has his greencard. When I initially applied for pre-approval they wouldn't put him on the loan as the green card was not yet approved. It appears that each bank does things differently, so you may want to check with the bank you will get yor financing through.

ETA: Hubs has no credit here, but since I can qualify on my own they are allowing him to be a co-borrower.

You're right Julz, each bank can pick and choose who they loan to and the criteria.

Loans with Foreign Nationals used to be much easier to obtain just a little over 2 years ago. But with the mortgage crisis, the majority of the banks have tightened up the rules. A mortgage broker that works with lots of different banks would be a good option to check out. They hunt down those specialized loans. But the trade off with that in many cases is a higher interest rate and higher loan to value. These days you can have a 700 middle FICO and 80% LTV and still have trouble finding a decent loan.