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

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Icon Mini Profile glangston2

Joined: 09 May 2010

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Post Posted: Sun May 09, 2010 6:46 pm    Post subject: Can you use your spouses income but not use them as a coborr

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!
Icon Mini Profile adonis

Joined: 22 Oct 2005

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Post Posted: Sun May 09, 2010 9:56 pm    Post subject:

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.

Procrastination is the enemy of your financial success

Post Posted: Mon May 10, 2010 6:15 pm    Post subject:

Can I include my wifes income as additional income without using her credit score?
Icon Mini Profile Niicss

Joined: 03 Oct 2005

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Post Posted: Tue May 11, 2010 3:32 am    Post subject:

If your wife cosigns for the loan, then her income can be considered by the lender while approving your loan.
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Icon Mini Profile jveenstra
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Post Posted: Wed May 12, 2010 8:58 am    Post subject: Income

Your wife's income may NOT be used to qualify for a mortgage 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.

John Veenstra, Mortgage Banker
Approved Funding Corp.
41 Grand Avenue
River Edge, NJ 07661
W: 201-833-0123
NMLS ID 178140
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