· FHA and VA: If the subject property is located in and/or the borrower resides in a community property state (AZ, CA, ID, LA, NV, NM, TX, WA and WI), all non-borrowing spousal employment loss (e.g. self-employment, 2106 expenses) as well as all individual real estate/consumer debt for the non-borrowing spouse must be considered in the DTI. If.
There are nine community property states in the U.S. with Alaska and Tennessee considered opt-in states: Arizona – When dividing assets, Arizona courts consider any debts and obligations attached to the property, the property’s exempt status, and whether there have been crimes convicted that financially damaged the other person.
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If you apply for an FHA loan in community property states, you may be required to furnish debt information for a non-borrowing spouse. According to HUD 4000.1: "Non-Borrowing Spouse Debt refers to debts owed by a spouse that are not owed by, or in the name of the Borrower".
It depends on whether you live in a community property state. Laws vary but generally, in community property states debts incurred by one spouse during the marriage are owned by both even if only.
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The only time a non-borrowing spouses credit history will not count against the primary borrower/buyer, in a community property state, is when the short sale, foreclosure or bankruptcy occurred before your marriage. That is why couples engaged to be married may want to consider buying a home before getting married.
property under applicable state law, which may require the execution of the security instrument (but typically not the note) by all parties who have an ownership interest in the property. If the party in question must execute only the security instrument and not the note, he/she is not considered a borrower for FHA purposes, and therefore
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Some states require the spouse’s debt to be considered in what FHA home loan paperwork describes as the borrower’s "qualifying ratios". A community property state is most likely to include this requirement; community property states basically require all property in common to be owned on a 50-50 basis as a result of the marriage.