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FHA Community property states

In many states the debts incurred by the borrower are only tagged to the person who took out the loan. However there are a few states that use community property statutes to attach debts to both partners in a marriage. Traditionally, if you live in a community property state, debts incurred during the marriage that are perceived to benefit the marriage are considered community property and community debt. Credit cards to buy items for each person, and the mortgage itself are examples that benefit each person in the marriage. Therefore the debts are owned by each person alike whether named on the debt or not. Each state has its own intricacies, so it bares understanding your states own policies.

This information is important in terms of collections items, and certainly when calculating the debt to income (DTI) ratio. Below, find the states that have community property statutes in place.

Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

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