Power of attorney for a mortgage loan?

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Hi my husband has better credit than me, and my husband is currently overseas with the military. We want to buy a home, but my husband wanted to know can I use my power of attorney to get a mortgage in his name, instead of mines because my credit score is low. I just want to add my name to the title of the house, but I don’t want to add my name to the loan, because my score is low. he would not be present when signing the loan and other paper work. Is it possible that I can use the power of attorney, that my husband gave me, and do he have to be present. Thank You and God Bless.

  1. Reply
    May 4, 2011 at 3:25 am

    When my husband and I bought our last home, he was not present and I used my power of attorney to sign for him. The difference in my case is that we were both getting the loan together. It sounds reasonable what you are trying to do, considering that’s what power of attorney is all about… but I might recommend contacting a real estate agent for details on such thing. Ask the realtor about this; don’t ask the bank.

  2. Reply
    May 4, 2011 at 3:53 am

    You could signed everything with a power of attorney besides 2 things. Trust Deed and Note.

    Loan application, GFE, TIL all that can be power of attorney. The note and the Trust Deed he has to sign. You can set it all up but he will have to sign it himself. You will have to mail it to him and he will have to mail it back.

    Sorry I wish I could tell you something else but Ive gone through this many times.

  3. Reply
    May 4, 2011 at 4:47 am

    You know I would just check with local lenders. Probably the fastest answer could come from your bank and they shouldn’t hound you for a mortgage.

    Ask them how to best close this loan while he is overseas and let them know you have his power of attorney.

    Good luck!!

  4. Reply
    Mary B
    May 4, 2011 at 5:17 am

    Yes, this is extremely common and you proceed just like you would any other real estate transaction. Be prepared to give a certified copy of the POA so the lender can have a copy of it as well as the closing agent.

    There are no restrictions on the documents you can sign, that is the purpose of the POA.

    You can use only your husband’s credit as you have the POA allowing you to do that.

    However, one of the things that a lender will ask for is a few days prior to the transaction, an “alive and well” statement will need to be signed and faxed back over. This is usually done by the commanding officer, or the next highest person that can be reached. So the next time you speak with your husband, find out the contact information of the individual that would complete the form when time comes.

    I appreciate EVERYTHING our troops do overseas and the process needs to be made as easy as possible.

    PS: Normally you need a SPECIFIC POA for a real estate transaction instead of a GENERAL POA…however, the POA’s with the military are an exception to this rule.

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