But while the community property may be liable for your spouse’s debts, you personally aren’t liable if you didn’t incur the debt. So, your spouse’s creditor can’t reach your separate property, or property you acquire after the marriage ends. But that creditor can reach your community property wages.
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An FHA insured loan is a US Federal housing administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. Because this type of loan is more geared towards new.
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When you divorce, the court (or you and your spouse, if you can agree) will divide your property. Texas is a community property state, which means that most property acquired during marriage belongs to both spouses and must be divided at divorce. In contrast, each spouse gets to keep his or her separate property when the marriage ends.
Community Property States and FHA Loans Except for the obligations specifically excluded by state law, the debts of the non-purchasing spouse must be included in the borrower’s qualifying ratios on FHA loans where the borrower resides in a community property state or the property to be insured is located in a community property state.
Refinancing Community Property States Mortgage Guidelines: FHA and VA counts non-borrowing spouses debts on community property states.
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Below, find the states that have community property statutes in place. Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. GET STARTED FOR AN FHA HOME LOAN OR REFINANCE TODAY
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