FundRobot » Equity Funds » Can my wife purchase my house?

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Old   #1 (permalink)
 
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Default can my wife purchase my house

I own the house and property free and clear. I purchased the house before we were married. After being denied a home loan on it numerous times for debt to income problems, i thought there might be another way. I have HUGE equity in the house and no bank or lender will offer any kind of decent rates.

I want to know if it is possible and legal to sell my home to my now wife. I am the only person on title with no liens or mortgage. This is the best idea I have come up with to get a decent home loan. Is this legal and possible to do and will it be a hassle with the bank because we are now married?
We do not file jointly and she has not changed her name yet.

There is no fraud intended at all. We would just like to have some cash to do some upgrades and pay off some things. There is no mortgage or lien on it now. I applied numerous times and constantly got insane rates or denied for debt to income problems (I am self employed). I have little debt but I also show little income.



The extra money can really help out right now. The idea I had for her purchasing the house was the only thought I keep going back to. She has good credit and good income with no debt.
TodayIBUY is offline   Reply With Quote
Old   #2 (permalink)
 
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Default can my wife purchase my house

This is not a debt, so will not aid your debt to income.

How legal this is depends on your state, but it will raise red flags for fraud.

Even if this is legal where you are you would not be able to do it at all if you and your wife co-mingle any funds, file joint tax returns, etc.
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Old   #3 (permalink)
 
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Default can my wife purchase my house

All you need to do is file paperwork with your county to get her added as a joint owner on the property, at which point you can put in a joint mortgage application on the property.
That will help if you have good credit but too high debt to income because you can now use her income to lessen the ratio. It's pretty common for mortgage applications.

This would make her a full fledged owner though with all the benefits and powers, so you need to be aware of that and comfortable with it since you will no longer own the home outright. The physical act of doing it is pretty easy though, it's just a few forms and a filing fee with the county.
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Old   #4 (permalink)
 
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Default can my wife purchase my house

Transferring ownership will not fix your debt to income figures, so there is really no need to transfer title. If she has good credit, good income and no debt, see if she can get a mortgage.
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