I have poor credit but my husband's is good. Can I gift a down payment to him to buy a home?

Your husband can purchase a home on his own, assuming his credit is sufficient and his income is sufficient to support all the debt.. if you're not on the loan, your income cannot be considered in determining debt ratios. Also, if the funds are in a joint account, then it's not necessary for you to "Gift" the funds to him, just a letter stating he has unlimited access to the joint funds.. if the $$ is in your individual account, then you need to let your lender show you how to get the funds to him, since there are specific documentation and paper trails that need to be verified for the funds to be allowed.. as far as adding yourself to the title, you can do that the day after the loan closes.. Most lenders will allow folks to be added to title, but when an original borrower is removed from title, it can trigger a due on sale clause which would make the loan subject to payoff.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Cynthia.......your credit scores do not determine if you can be added to title......you can be added when the purchase title work is done with your husband's permission. Yes, you can gift the money to him as long as there is required documentation showing the paper trail for the gift. I would be happy to help you if you would like to contact me at my office. 757-233-1180.

Yes you can gift him the down payment but don't do this before speaking with your lender. There is a process to documenting the transfer of the funds that will ensure a smooth transaction. As for being added to title, this could be done at or immediately after the closing.

Cynthia, you can provide you husband with the down payment needed to purchase a home. Depending upon your husband's credit, there are many programs (outside the FHA programs) available the will allow you to put a minimal amount of money down. With regard to your title questions, while you wouldn't be on the loan, you can be added on title immediately. Call me at 571-419-6635 if I can assist you in any way.

Cynthia, you can assist you husband with the money needed for a down payment. There are many programs (outside FHA programs) available that require a minimal amount of money down. Additionally, many lenders do provide closing cost assistance if needed.As for being on title, you can be added to the title of the property immediately. Credit standing has no bearing on the titling of the property.If I can help you in any way, give me a call at 571-419-6635.

Cynthia, you can be added to title at closing (let your loan officer know at time of application) and if your funds are in a joint checking account, no gifting would be involved. Typically a letter stating that your husband has full access to the funds is required. If you have separate accounts then your lender can walk you through the gift documentation required. Would be happy to answer any further questions you may have.... Lynn Bossi Kinsel NMLS#259819, 804-677-8588.

Follow the correct sequence for gifting, as stated on this forum, and add yourself to title after closing. Avoid adding yourself if you have any unpaid judgments, because they will then attach to the property.

Yes, you can gift him the down payment or any part of the closing coss as his wife. Your credit has no impact on this decision Cynthia.Many loans require that gifting parties be related, certainly the Marital relationship would qualify for any such requirement.Documenting gifted funds can best be done at the direction of your loan officer.

Cynthia, everyone is giving you the correct information; however, William's answer is the most accurate and complete. Since he can not write loans in Virginia I will be honored to work with you and your husband on your new home purchase. My name is Deborah Rios with Menlo Park Funding located in Middletown, DE; I can be reached at 800.485.1387 x106 or dduncan@mpfunding.com. I look forward to speaking with you soon.

Cynthia, William from Velocity is right on the money with his answer. I couldn't have said it better myself. Sometimes it helps to have someone to agree with an opinion just to reassure that your getting the right advice. Feel free to contact me for additional advice @ 317-566-6129. IndidnapolisMortgageGuy.com

Yes and yes

If you are going on title in won't need to be a gift.

The quick answer is yes... If that is what is needed. If it is a joint account, you do not need to gift it... although we now have brand new rules that will require you write a letter saying it is OK for him to use the joint money (stupid huh?). Contact a local mortgage broker for more details. www.MinnesotaBestRates.com

Hi Cynthia,It also depends on the type of loan you are using. If you're in a community state, then an FHA loan would require that your credit be ran as well, but that is no the case with conventional financing.Hope this helps!