How to obtain a mortgage loan with my name and spouses name when only she has good credit?
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How to obtain a mortgage loan with my name and spouses name when only she has good credit?
My mother is giving my wife and I an acre of land. We would like to build a home on it Using the land as collateral for the mortgage loan. My wife has credit, I may have bad credit. Is it possible for my name to be on both the property deed and the loan? Any information will be greatly appreciated!
Asked on September 8, 2011 under Real Estate Law, Delaware
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you want a loan to build a home on a parcel of land given to you free and clear where the land will be the collateral for the loan, you need to retain a mortgage broker to shop loans for you as far as amount, terms and interest rates based upon the loan applications of yourself and your wife.
Depending upon the amount desired and your credit history you may qualify for the desired loan. Whether you do so is entirely up the the lending institutions that your loan applications have been presented to.
Potentially you can have your name on both the land given to you as well as any loan secured by the property.
The best way to see about your qualifications for the desired loan is to sit down with a mortgage broker and see what products are on the market for your needs and whether or not he or she believes you will be able to qualify for them.
Good luck.
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