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Answers (2)
- Bentley Advisors
- Contributions:294
Trailing co-borrower income can be used as long as following conditions are met: it does not exceed 33% of total qualifying income for mortgage, is not from self-employment, was employed in same occupation for immediate 2 yrs preceding relocation, provides stmt of intent to work in new location. Trailing co-borr does not need to have found employment for income to be used for qualifying.
- Marcelo Hernandez, "pacific mortgage srv"
- Contributions:180
Absolutely. If you need your spouse's income to qualify than she would need to secure employment first, but you can apply for a mortgage immediately by providing her first paystub during the course of the mortgage processing. Her former employment would have to be verified to complete a 2 year history. Otherwise, a "trailing-spouse" income percentage can be used depending on your down-payment and length of time with her former employer. Good luck.
Getting a mortgage to move out of state
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