This is part of my series: “Things That Can Make Your Las Vegas Financed Home Purchase *Blow Up* in the Middle of a Transaction.”
My ultimate goal in this series is to make Las Vegas Home Buyers aware of the challenges of a specific home’s eligibility for financing.
Congratulations! Your lender just approved you to purchase a Las Vegas area home by looking at your check stubs, debt to income ratio and you are now approved to purchase a Las Vegas area home!
Hold the phone here, *you* may be eligible to purchase a home but is the house eligible for financing? This series is designed for you to research a home’s eligibility for financing.
DISCLOSURE: I am not a lender, title company, home inspector, contractor or appraiser. I am only speaking from personal experience by working with financed Las Vegas area home buyers. Hopefully you have hired a Las Vegas area real estate agentwho will be able to spot things that can *potentially* cause problems with your financing (mostly FHA/VA) before your contract to purchase a Las Vegas area home.
Much of Las Vegas is currently priced in fire sale status. Many times when you see unusually inexpensive homes there is a reason – they are not eligible for financing and the seller does not wish to rehabilitate the home to make it eligible for financing.
Today’s topic at hand is “Changing Your Marital Status During an Escrow“.
Here is another good way to mess up your escrow: Getting Married in the Middle of a Home Purchase! Especially if your potential mate has awful credit. While this isn’t “house specific” like most of my series is – this is definitely a good way for you to “blow up” your financing on your Las Vegas home purchase!
Lenders are now checking spousal credit even if the spouse isn’t on the loan for the home purchase.
There are many who have cooked up a scheme in their head with a foreclosure. “The home that was foreclosed on was in my name, not my wife’s name, we are going to purchase a home!” Probably won’t work.
Can I marry my boyfriend while I am buying this home? Do you want to hurt your chances of having issues during your escrow – especially if he has marginal credit?
You have waited this long to get married, you can wait until the home closes. There is no hurry! You can always add someone to the title after close (doesn’t necessarily have to be a spouse.) All you have to do is go to the Clark County Recorder’s Office and pay a nominal fee.
RT @ReneeBLV: Las Vegas Home Financing Nightmares: Changing Your Marital Status http://bit.ly/fcaAIq