Hey, thanks in advance for your answers.
My fiance and I just purchased our home, under a conventional loan with CHASE, our credit was not great, so we were working on it so that we can do a refinance. Today, I was told that we could possibly qualify to turn the conventional to a FHA. The only thing is- is that MY score still is not up to par, only my fiance's. So I my name will not be the loan- only his. But my question is...if we do get the FHA in his name only, and for some reason we divorce...would I be out of a home? Should we get married before we turn it into the FHA? because right now, under the conventional, its under both our names. I just dont want to get suck out in the cold if somewhere down the line we get divorced! I want us to be able to split the assets. HELP!
- Anonymous1 decade agoFavorite Answer
as long as your name is on the title/deed then you're good.
with FHA you can still try to put your name on the mortgage.
FHA makes it easier for ppl with lower scores.
even if he refinances in his name...you can ask the lender to put your name on the titleSource(s): http://www.carolinahomerates.com
- Akbar BLv 61 decade ago
Make sure that the deed to the house is in both your names and if his name only is on the mortgage note, then that is perfectly fine as the house will still belong to both of you but in case of a divorce only he will be liable to pay back the mortgage.
Alternatively you could have your name on the mortgage note too only keep your name as the second lien holder and when both of you make the payments on time, your credit score will increase dramatically. Good luck.
- 1 decade ago
Your fiance can be the main borrower on the loan and you the co borrower.