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Can my wife get a mortgage based off my income?

Hey!  I'm looking at my options for living next year and have a question.  My credit score is very low and won't qualify for an FHA loan but I will be starting a job after graduation making pretty good money.  My wife is graduating also but does not yet have a job offer.  Her credit is better than mine and I was wondering if it was possible for her to take out a mortgage loan and use my proof of income (when I start at the new job)  If you have any experience with this type of situation, please give me your input.  Thanks and let me know if you need any more info!
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February 12 - Philadelphia
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Answers (3)

As Dawgs mentioned, you can not have you cake and eat it too.  Now the good news is that as long as your wife gets a job in her field, she will only need 30 days of earnings in order for her income to count.  There is a lot of affordable homes here in Philadelphia so when the time comes I am sure she will be fine.  As for you lets get that credit fixed.  I know a good local person who has seen great results repairing peoples credit.  Contact me through my profile so that we can discuss further.
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February 12
in most cases any one listed on the loan application has to have a minimum score of 620 or more. The best scenario is that you both get your scores over that mark and apply together when you are are both employed full time. Otherwise your wife will have to go on the loan herself with just her income. Resulting in a lower pre-approval or purchase price. If you need help learning how to increase your scores or have any other questions feel free to contact me on my profile here.
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February 12
Profile picture for wetdawgs
She can use her score and her income,  or you can use your score and your income or both of you can use both scores and both incomes.    Lender do not allow picking and choosing one person's score and the other's income.

Now is a great time to put together an action plan for improving your score.   Why wait?

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February 12
 
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