Can I sell my house to my husband and him get a loan to purchase it?

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Can I sell my house to my husband and him get a loan to purchase it?

I want to refinance my home but my credit score is not high enough. My husband’s is but he is not currently on the title. Can he buy the home from me?

Asked on February 2, 2019 under Real Estate Law, South Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

Legally, you can do this: any person may sell anything they own and want to sell to any other person, even a spouse. There is no guaranty this will result in him getting a mortgage, since while this is a legal transaction, it's highly unusual, and banks are very conservative: they don't like the new and novel generally. But you may legally do this and try to get a loan. Before doing so, have you considered just having your husband co-sign or guaranty a new mortgage with you--adding him to your application may be enough.


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