Profile picture for user8673675

Can I get a loan using my wife's credit and my income?

I am having serious trouble with my credit. I have a judgement on my credit and a few other things on there as well. My score is still not that bad but the dings that Im afraid of. My wife have great credit but very low income. My credit is not great with high income.
  • March 24 2014 - Dallas
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Answers (6)

It is possible to put both you and your wife on the mortgage, or it is also possible to put just one of you on the mortgage, like your wife. If both of you are on the mortgage application that means all of your finances will b looked at, yours and hers. Although the combined income will be great, your credit issues can cause a damper on the situation. If this prevents you from obtaining a mortgage, you can just have your wife on the mortgage alone, although this means your income will not be looked at. Either way, the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
  • March 28 2014
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Profile picture for USMortgageRanger
Hello,

While your wife would be able to qualify for a mortgage based on her scores, it would also be based on her income alone. Its best that we speak in person so i can guide you as how to get you income qualified. How big a judgement and can we make payment arrangements.

 
  • March 25 2014
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I would be interested to know what:  "you enquire it for detail".... means.
  • March 25 2014
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  • March 25 2014
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Profile picture for Dan Tabit
Debbie is correct.  If your income is to be used, your credit will also be considered.  Lenders use the middle score of the lower scoring borrower to base their decisions.  It may be possible to improve your scores and find a loan, but as Debbie says, you need to meet with a great local lender and explore your options.  If you don't qualify now, you'll know what has to happen in order to qualify sooner. 
Best of luck. 
  • March 24 2014
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Well, instead of wondering how your credit will impact you...why not sit down with a loan officer and find out for sure? (unless you already did that!).

To answer your specific question.........no, the bank cannot use your income and your wife's credit scores as 2 separate entities.
So, unless her income is enough to qualify for the loan without you (whic you implied it isn't), you'd have to be on the mortgage application, too, and then your questionable credit would come into play........sit down and talk with a lender!

best wishes.......
  • March 24 2014
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