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Can you use your spouses income but not use them as a coborrower for a mortgage?

My credit score is ok, however my wifes is terrible still(She built up a huge debt due to medical reasons), however her income is greater than mine, almost double. My wife and I were just curious if this is possible to do this so we do not have to include her credit score or if this is even legal. We are relocating to Florida. Thanks!

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome glangston,

It is possible for you to not include your wife's name on the mortgage docs. You can apply for the mortgage alone and thus the lender would consider your income and credit score while giving you the loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:55 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I include my wifes income as additional income without using her credit score?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:55 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

If your wife cosigns for the loan, then her income can be considered by the lender while approving your loan.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:55 | Post subject:

jveenstra's picture
jveenstra | Joined: November 10, 2008 09:03 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Your wife's income may NOT be used to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url] if she is not on the Note and she may not be on the Note if her credit is bad, as you know.

Her income can be used as a compensating factor. It may NOT be used to qualify.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:55 | Post subject:

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