Desperately need advice

[giblink]

In January, my wife and I entered into a sales contract to buy a yet-to-be-constructed home.

The contract was in both of our names, signed.

We now find that based on credit score issues, the mortgage has to be in my wife's name.
We are okay with this, as we can always add me to the deed later.
My question is - if we are both listed on the contract, but the mortgage is in her name, will that be an issue?? I am worried sick over this. Help!

 

[MrHouse]

This really should not be a problem for you. I have sold many homes where this situation came up, and it is a simple solution. You may have to do an addendum to the contract taking you off the contract (depending on the lenders underwriting decision). Dont worry, you tell the attorney or title company that you would like to record a deed with both of your names on it as soon as the original records. There are different kinds of deeds to acomplish this, depending on the state. My first call would be to my agent/ realtor- or a good real estate attorney, and if you dont have one, call the lender and ask them if the underwritter has any stipulations for removing you from the contract. Just make sure you get the decision from the underwritter, not the loan officer. By the way I am in Arizona, and its not unusual for the lender to want to remove you, but I just sold a house 30 days ago that the lender did not require this, so it is usually there decision. Good luck with your new home!