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FirstTimeBuyer
Guest
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 Posted: Wed Jun 10, 2009 9:19 am Post subject: Wife has good credit, Husband has bad credit |
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Greetings.
I want to buy a home within the next year. My credit is good, TransUnion has me at 764. My husband's, however, is poor. It's only 551, due to a previous bankruptcy (3yrs old), and some other bills which went to collections from his previous marriage.
We've determined that putting a mortgage in both he and I's name isn't feasible in the time frame we're looking at for buying a house. The mortgage would be in my name. However, is there a way to log his income as "Other Income" on the mortgage application? His income accuonts for 35% of our AGI.
Thanks for your input. |
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 jnoa
Joined: 01 Jun 2009
Posts: 44
Location: Haddon Heights NJ
5.66 Dollars($)
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| Posted: Wed Jun 10, 2009 9:25 am Post subject: No |
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Unless you claim his income as part of your taxes, which I'm not even sure you can do, you wouldn't be able to use his income on the mortgage unless he was on the application.
_________________
Jesse Noa
Mortgage Consultant
Acre Mortgage
Haddon Heights, NJ
Toll Free: 877-342-4335 |
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gunzijjistaff
Joined: 07 Apr 2009
Posts: 603
14.18 Dollars($)
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| Posted: Wed Jun 10, 2009 9:44 am Post subject: |
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Hi guest,
Welcome to or forums.
764 Is the Best Credit Score.
Yes, you can't use his income if his name is not mentioned in application.
Your husband must have 620 credit score to get qualify for the loan. Try to improve credit score.
Thanks & Regards.  |
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FirstTimeBuyer
Guest
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| Posted: Wed Jun 10, 2009 11:44 am Post subject: |
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JNoa-
I'm not sure what you mean 'claim as part of your taxes.' We file joint tax returns, if that's what you mean. |
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jnoa
Joined: 01 Jun 2009
Posts: 44
Location: Haddon Heights NJ
5.66 Dollars($)
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| Posted: Wed Jun 10, 2009 12:05 pm Post subject: re: |
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For example if you two own a business but all of the income shows on your taxes. If he claims his income as his own (which is probably the case) you can't use his income without having him on the mortgage application.
_________________
Jesse Noa
Mortgage Consultant
Acre Mortgage
Haddon Heights, NJ
Toll Free: 877-342-4335 |
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Garysnober
Joined: 17 Mar 2009
Posts: 455
15.40 Dollars($)
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| Posted: Wed Jun 10, 2009 5:29 pm Post subject: |
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| Hi if hes not on the loan as a co borrower then you cannot use his income to get the loan. You can try to get his score to around 620 so you can get him in the loan. |
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cindy
Guest
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| Posted: Thu Jul 09, 2009 11:15 pm Post subject: husban on loan and wife is not but has negative rental prop |
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Hi.
Husband is on loan application only and wife is not due to very bad credit and no income. the property is that there is negative rental properties show on tax returns. all rental properties, title and mortgage loan are all in wife name. Would the lender exclude the negative rental properties and only use husband schedule C income?????? Purchase money for primary residence. |
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