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jtoevs · Joined: 17 Apr 2008 Posts: 2 2.08 Dollars($)

Probably a simple question but I haven't heard a solid answer, so here it goes.

I have really bad credit....really bad. My wife's, however, is good, about 700. She makes alone about $45k/year. Together, we make $85k/year. Can my wife apply for a mortgage loan and use my income but not my credit score? If so, what kind of mortgage loan is it? And she would be a 1st time home buyer, if that makes any difference.

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi jtoevs,

Welcome to the forum.

I think your wife can get a mortgage but if you want to use your income to get approve for the mortgage then your credit will be checked. So I think your wife can take the mortgage on her name only and you can help her to pay the mortgage.

In that case you may not be approved for a large amount but the rates and terms will be better. I suggest shop a bit for lender to get better rates and terms.

Feel free to ask if you have any further questions.

Best of luck,
Larry

evolovik26 · Posted: Fri Apr 18, 2008 6:48 am Post subject:

Your wife cannot state your income as hers. She either have to buy what she can afford on her income alone or you both have to apply for the mortgage.

gmakerley · Posted: Sat Apr 19, 2008 6:33 am Post subject:

depending on how much your wife would qualify for with her income solely, she might be able to use your income as a compensating factor with the appropriate lender/underwriter.

generally, however; eugene's answer is right on.

chloejoanna · Joined: 20 May 2008 Posts: 37 16.09 Dollars($)

I believe if you apply for a joint mortgage then you will both be checked, what bearing the differing levels of your credit rating will have im unsure about, it may be determined by what percentage of the mortgage you would be responsible for paying?

gmakerley · Posted: Thu Jun 05, 2008 6:11 am Post subject:

chloe, there is no such thing as "percentage of the mortgage you would be responsible for paying."

when a person signs a promissory note (of any kind), that person is responsible for 100% of the debt at all times. that there are two or more people so obligated does not lessen the responsibility of any of the signers.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I bet a lot of people wish that they could only pay a percentage of their mortgage, wouldn't that be nice.

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Can my wife state my income?