In the state of Georgia does my husband have to be co-owner of the house to be co-borrower on mortgage?

Question : In the state of Georgia does my husband have to be co-owner of the house to be co-borrower on mortgage?

georgia mortgage

Best answer:

Answer by Patricia C
In every state a person must be co-owner in order to be a co-borrower. A mortgage company will not lend money to someone to buy a house unless the loan is secured by his or her owning part of the house.

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Comments (6)
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#1 written by Expert Realtor 1 year ago

Patricia is incorrect…that is NOT the case in every state…and here is why:

Ownership has nothing to do with the bank’s lien on the property…the bank’s lien is in place at closing and they have the right to foreclose if they do not receive payment REGARDLESS of who is on title as the owner.

I have personally underwritten and approved mortgages where people were NOT on the title…if someone is foolish enough to get a 30-year loan without any legal protection, which also means you cannot refinance (as you cannot refinance what you don’t own), most banks will let you.

However, the problem you have is that you are married….and not only will your husband be foolish not to go on title, your State, if it is a marital interest state WILL REQUIRE that the spouse goes on title or the bank will not close the loan.

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#2 written by daeve930 1 year ago

I haven’t done a loan in Georgia in a few years, but I don’t think he does. You can hold the property sole and separate if you both agree, or just not have him on the deed. He will still have dower rights in the property (I think they just call that marital rights now) because he’s married to you. I would talk to a lawyer to make sure your estate goes where you want it to when you’re gone.

While it’s true you can’t get a mortgage on a house you don’t own, you do own the home and can have a co-borrower if you choose.

My name is on the mortgage of my father’s house and I’m not an owner, so obviously it’s wrong to say that all borrowers must be owners. The only loan that I know requiring all borrowers to be owners is a Texas Home Equity loan or line of credit.

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#3 written by Janet P 1 year ago

Yes he does. You can not take out a mortgage on property you do not own.

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#4 written by golferwhoworks 1 year ago

Any one who is a co-borrower is a co-owner in every state. Now he does not have to be a co-borrower at all if you qualify on your own to make this purchase. Now most states are either a dower or community property rights state. If Georgia is and I think it is then he must be titled on the property if it will be the marital home. That is if you spend just 1 night in the home together as a married couple then he will be titled to 1/2 of the home no matter what. Most states require that he and you be titled as joint tenants with rights of survivor-ship or at least tenants in common.
I am a mortgage banker in TN

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#5 written by Luis M 1 year ago

If I understand you right, for him to co-sign on the mortgage he does not have to also be on the title to the house.

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#6 written by OldJimmy 1 year ago

No. Your ownership of the home is the collateral for the loan. As long as it is worth enough, and all the owners (you only, in this case) agree to mortgage it (allow it to be used as security for the promissory note) then there is no problem.

He can be a co-borrower, in which case his income and credit will come into consideration. He will be obligated to pay the loan if you do not, but will have no ownership in the property. This is similar to a co-signing arrangement.

This is all assuming that the house you are talking about was owned by you prior to marriage. If you are talking about purchasing a home this way, it won’t work.

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