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Replies (1)
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
Iowa is not a community property state, so if you are not on the loan then your credit will not be checked for an FHA mortgage (or any type of mortgage that I am aware of).
It's when you are in a community property state then the non-borrowing spouse's credit checked, but in that situation it's only supposed to be to include the non-borrowing spouse's debt payments into the borrowing spouse's debt-to-income ratio - some lenders will look for any evidence of a recent foreclosure, bankruptcy or tax lien though.
Now if you want to be on title, then the title/abstract company may do a search for any public records (tax liens & judgments) that are outstanding against you (if any) - so that is something to inquire about with your mortgage lender and the title company, for example we require a judgment search against the buyers/sellers regardless if all of the buyers are on the mortgage.
It's when you are in a community property state then the non-borrowing spouse's credit checked, but in that situation it's only supposed to be to include the non-borrowing spouse's debt payments into the borrowing spouse's debt-to-income ratio - some lenders will look for any evidence of a recent foreclosure, bankruptcy or tax lien though.
Now if you want to be on title, then the title/abstract company may do a search for any public records (tax liens & judgments) that are outstanding against you (if any) - so that is something to inquire about with your mortgage lender and the title company, for example we require a judgment search against the buyers/sellers regardless if all of the buyers are on the mortgage.
Will my credit score and debt be required for qualification for my spouses FHA loan?
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