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Claim income of wife

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Shail Guest	Posted: Tue Nov 15, 2011 10:59 pm    Post subject: Claim income of wife Like 0 Dislike 0 My spouse and I are planning to buy a property on out own. Both of us don’t have a good credit and are trying to rebuild it. My wife has a good income. Now can we claim it as income without claiming her on the loan as her credit is worst than mine. Some of the realtors say yes and some say no. Please help. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Wed Nov 16, 2011 12:38 am    Post subject: Like 0 Dislike 0 Hi Shail, As far as I know, you will have to mention her name on the loan if you want to show her income to the lender as a part of the your loan approval. It will be better if both of you can improve your credit score first and then look out for a loan. Take care _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
tomburris Community Expert Joined: 03 Oct 2007 Posts: 135 Location: North Dallas 19.12 Dollars($)	Posted: Wed Nov 16, 2011 10:52 am    Post subject: Like 0 Dislike 0 to use her income, you must use her credit sorry _________________ Tom Burris Mortgage Banker 214-763-4629 cell/text/nights/weekends http://www.dallasloanguy.com/ Location: North Dallas, TX Coverage: The entire Great State of Texas NMLS# 335055
raymond Community Expert Joined: 03 Jul 2009 Posts: 1189 Location: Irvine, California 27.86 Dollars($)	Posted: Wed Nov 16, 2011 2:55 pm    Post subject: Like 0 Dislike 0 >>can we claim it as income without claiming her on the loan no _________________ Raymond Denton www.RaymondDenton.com
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 514 Location: Australia 82.40 Dollars($)	Posted: Wed Nov 16, 2011 8:05 pm    Post subject: Like 0 Dislike 0 Hello shail, Yes. If, unfortunately, she passed away during the tax year, there are special rules for that. You are best served by consulting a tax professional regarding that situation. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker

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