mortgage question

[kattNeric 0]

Hello all. My husband and I are (hopefully) going to receive out NOA2 in the next 2 months or so as it has been over 4 months of waiting now. We have decided to sell my house once we hear about NOA2, and use the money for a downpayment for a home in the states. We were hoping to purchase it before my proceedings are completed so we have our new home to go to. He currently rents. That bit being said....has anyone been in this same experience? I'm wondering about getting on the mortgage loan without an SSN yet...is that even possible? Our combined income is great, but seperate wouldnt' be enough to get the mortgage amount we'd like. We are being very reasonable in the amount we will ask for. Should we look for a co signer until I acquire my SSN ? Can the co signer be removed from the mortgage once this happens so they are released after I can prove my income and have the SSN?

Thanks for your time and input!

[AJabad 3]

Yes absolutely. If your husband has a close family member who is willing to be a co signer. He should be able to get an approve loan depending on their combine income and credit score. Once your husband and the co signer qualified for a loan then the Co signer can later do of what you call a Quit Claim...

[aaron2020 11,651]

Hello all. My husband and I are (hopefully) going to receive out NOA2 in the next 2 months or so as it has been over 4 months of waiting now. We have decided to sell my house once we hear about NOA2, and use the money for a downpayment for a home in the states. We were hoping to purchase it before my proceedings are completed so we have our new home to go to. He currently rents. That bit being said....has anyone been in this same experience? I'm wondering about getting on the mortgage loan without an SSN yet...is that even possible? Our combined income is great, but seperate wouldnt' be enough to get the mortgage amount we'd like. We are being very reasonable in the amount we will ask for. Should we look for a co signer until I acquire my SSN ? Can the co signer be removed from the mortgage once this happens so they are released after I can prove my income and have the SSN?

Thanks for your time and input!

Your husband cannot use your income to qualify for the loan if you are not listed as a borrower. To use your income to secure the mortgage, you must be listed as a borrower on the mortgage.

The lender can run a credit check on you in Canada. The lender may require you to have a SSN to conduct a credit check in the US.

The lender is not going to remove the co-signer. The more people the lender can hold liable for the loan, the better for them.

There is no way to added you to the mortgage. If you want to be on the mortgage, you would need to refinance the mortgage.

[aaron2020 11,651]

Yes absolutely. If your husband has a close family member who is willing to be a co signer. He should be able to get an approve loan depending on their combine income and credit score. Once your husband and the co signer qualified for a loan then the Co signer can later do of what you call a Quit Claim...

This is really bad advice.

All mortgage loans contain a "due-on-sale" clause. If the borrower transfers the property through a quit claim, the due-on-sale clause is triggered. The lender can call the loan in. Furthermore, the person signing the quit claim gives up ownership of the property AND still is liable for the mortgage. Signing the quit claim does not mean the person is off the mortgage and it allows the lender to call in the mortgage.

[kattNeric 0]

This is really bad advice.

All mortgage loans contain a "due-on-sale" clause. If the borrower transfers the property through a quit claim, the due-on-sale clause is triggered. The lender can call the loan in. Furthermore, the person signing the quit claim gives up ownership of the property AND still is liable for the mortgage. Signing the quit claim does not mean the person is off the mortgage and it allows the lender to call in the mortgage.

Ok. I see this is going to be a problem for us to consider. Now is an ITIN a way for me to be able to get around this for now? Would that enable the bank to consider my finances when applying for a mortgage>?

Thanks for the input, it's very helpful!

Kat

[aaron2020 11,651]

Ok. I see this is going to be a problem for us to consider. Now is an ITIN a way for me to be able to get around this for now? Would that enable the bank to consider my finances when applying for a mortgage>?

Thanks for the input, it's very helpful!

Kat

A ITIN will not help because your credit history is not attached to it.

Just wait until you get to the US to buy a house.