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Profile picture for marcusm

Can my wife Qualify for a FHA loan by herself?

So we currently own a duplex, we live in one side and rent out the other. We purchased the home back in Feb 2006 with an FHA mortgage. Last year we did a refi but I took her off the loan and now the FHA mortgage is only in my name. She has good credit and has worked at the same place for a little over 5 years. Can she qualify for an FHA on her own?

  • February 19 2010 - Loveland
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Answers (11)

Profile picture for Charles Moore
I sent a blast email out to all of my account executives before answering, but the answer to your questions is yes. 

I would also recommend checking out some Homepath properties which are all of Fannie Maes REOs (www.homepath.com). These can be purchased with as little as 3% down and there is no mortgage insurance or appraisal required. Hope this helps and good luck with your new purchase.

  • February 22 2010
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Profile picture for Justin Kennedy

Taxes, to correct your post, if the property and/or borrower does not reside in community property state the non borrowering spouse does not have to disclosue his or her debt on the loan application.

Erez, to correct your post, FHA does allow 2nd FHA insured loan but under restrictions; however in Marcusm case, (Gary area) as the handbook refferances borrower with FHA insured lein owned jointly or individally can not obtain a 2nd FHA loan. if his wife is not on a borrower or co-owner, they may qualifiy; the problem is it is up to the DE underwriter and answer form thier local HUD HOC. cheers.

  • February 20 2010
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Profile picture for Texas Banker
Marcus,

You can take one FHA loan at a time, unless there is a permisable purpose.

Since you are married your liabilities still has to be on the application, and the existing FHA mortgage will show.

Conventional is your only feasible option.

Let me know if you have any questions.
  • February 20 2010
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Profile picture for Erez Cohen

An FHA mortgage is soley used for the purchase / refi of a primary home.  Since you indicate you are married and currently own a primary home, then the only way she can buy a home via FHA is if you both separate and she needs a new place to live or the new home she will purchase will be both your new primary- i.e.- the duplex you both own will be vacated and now both sides will be rented out.

  • February 20 2010
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Profile picture for Justin Kennedy
that is fine,  if CO is a non community property state then you should not have a problem with disclosing your debts. However, with that said i would disclose the other FHA note and provide letter of explaination. 
Plus you may double check with your current FHA lender. since you refi'ed last year, within your loan documents you signed an occupancy clause stating you will occupy the duplexe for 1 year. they may not care you arr convertign to rental or may be they will.  best to know now. good luck,

contact Nic Netherton.
  • February 19 2010
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Profile picture for marcusm

We do plan to rent out our duplex (too small) and owner occupy the current home we are interested in. Colorado is not a community property state but I am not sure how that all works.

  • February 19 2010
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Profile picture for Justin Kennedy

Marcusm,
your wife can use FHA to purchase, keep in mind some states require FHA to follow community property and inculed a copy of credit report and all your perosonal debts to the transaction; do you plan on converting the 2 unit you currently occupy into a rental. if not, that would throw up a red flag to the underwriter about occupancy (husbnad and wife libving seperate?) and using FHA financing to purchase rental property.

  • February 19 2010
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Oh nice area.  We're just north of you up in Fort Collins.  Let me know if we can be of further assistance.
  • February 19 2010
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Profile picture for David Widlund
She may qualify for one FHA mortgage, if she intends to live there.
  • February 19 2010
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Profile picture for marcusm
Loveland, Colorado
  • February 19 2010
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Yes.  Where are you looking to buy?
  • February 19 2010
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