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Can I use my wifes income to apply for a mortgage without having her name on the mortgage?

I am Currently in the army and will be getting out in 1.5 years. My current fico score is a 647. When I get out I plan on buying a home  but my income will only be about 16k/year from my gi bill. My wife makes about 38k/year but has a score in the 550's. should I try to buy before I get out of the army? my current salary is about 55k/year.  THANKS
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March 29 2012 - Fairbanks
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Q:Can I use my wifes income to apply for a mortgage without having her name on the mortgage?

A:  No
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March 29 2012
user585340 you can't use your wife's income to qualify to buy a home without her being on the mortgage itself.  Look to better her scores as Cindy suggests
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March 29 2012
This is just some been-there-done-that advice, and I not a mortgage professional. However, you can easily get her scores where they need to be in that amount of time. I have been able to get ours up about 100 points in just a few months. I did it by reading A LOT and learning about credit on www.myfico.com, from their articles and forums. I asked questions and then applied what I learned to our credit. They even have a Myfico fitness challenge program.

For me, it was mostly a lack of positive trade lines. I got a couple of secured credit cards and a loan against a CD. For others it may include asking companies to remove negative accounts in exchange for payment, or simply paying down credit cards. But there are very few situations where one can't raise scores substancially with time and action. The big thing is finding out what exactly is dragging down her scores and fixing the problem.

Hopefully, some of the extremely knowledgeable mortgage professionals who post will address your questions. Good luck, and thank you for your service.
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March 29 2012
 
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