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Married and buying a house in my name only but worried

Hello experts,I live in illinois and married. I have a very good job and credit score of 750+. I want to buy a house is my name only since my husband already has a house in his name before we got married. I applied and got pre-approved on my own merits. I am currently in escrow and just got a commitment letter with the normal conditions like appraisals, title, insu...and I had to sign form 4506T. I was only asked for this late in the process and after the lender did all credit, asset and employment verifications. She told me they needed it for the file. I am not self employed and my income was verified so why are they pulling my tax returns? I am worried because I file joint returns and affraid they will question my husband's debt because the form will show mortgage interest deductions. Any advise will be helpfull.
  • June 07 2012 - Aurora
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Answers (4)

Profile picture for zzroad101
Conventional loans don't care about spouse's debt, FHA loans do so if you are financing with a conventional loan to worries. The 4506T is required on most loans and most companies pull transcripts before underwriting to verify that the borrower doesn't have anything on there tax returns that would reduce income.
  • June 10 2012
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Profile picture for shapiroamg
You are not off base here.
  • June 07 2012
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Profile picture for user322936
Thank you Brian for the answer. NO, there is no scam or fraud here. I had to sign letter of accupancy for the new home so it will be the primary resident. The reason I am buying a home in my name ONLY is personal and I don't feel like sharing it with the lender. My husband is free to do with the his house whatever he wants and I didn't say he is going to move to the new house.  From what I read the laws of the fair credit act allows me to buy a house  (or anything else) alone as long as I qualify on the basis of credit and income, and as long as I live in a common law state. Am I way off here?
  • June 07 2012
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4506 is standard on every loan.   They ask for it because sometimes people have rental losses that they don't disclose or have unreimbursed employee expenses that they write off. A 4506 is another safety guard for the underwriter to make sure that the borrower is telling the whole story.

If your husband has a property and writes off the mortgage interest and property taxes as his primary residence, then the underwriter will question whether this new property will be a primary residence. You will most likely need to write a letter of explanation stating why you are buying a new home as your primary residence and it has to make sense to the underwriter why you are moving out of his property into this new one. (bigger home, better location, closer to work, closer to family, etc...)

If you are buying this new property to rent out but lying about it being your primary residence in order to get a better rate or lower down paymetn, then they will figure it out and turn you down. (which is EXACTLY why the 4506 is required)

If you are being honest, you have nothing to worry about.


  • June 07 2012
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