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Replies (8)
- Geofrey Merino, "GMerino"
- Contributions:445
Regarding your question. Your husband, I assume is currently employed. Is he employed in the same line of work? If you qualify without your husbands income and your debt to income ratio is good on your own, he would not need to be on the application.
Geofrey
Geofrey
- Ray Blindauer, "SigmaWealth"
- Contributions:246
If you are still a W-2 employee, you may use your income, too.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Bemore,
I didn't catch this from your question but do you have a new job? If so you should be able to qualify on both of your salaries. There could be some exceptions, such as if you are now commission-only now and have had no history of this kind of income. But if your new job is hourly/salaried you should have no issues using your income as well. Generally speaking of course.
Sincerely,
Greg
I didn't catch this from your question but do you have a new job? If so you should be able to qualify on both of your salaries. There could be some exceptions, such as if you are now commission-only now and have had no history of this kind of income. But if your new job is hourly/salaried you should have no issues using your income as well. Generally speaking of course.
Sincerely,
Greg
- Gene Riggs, "govagent1"
- Contributions:72
It all depends, all of the answers so far have been incomplete.
Credit scores must be 620 or higher with a clean report otherwise 640 or higher.
If there is a new job it must be in a like field. If a sub. contractor you need 2 yrs income and then it is averaged.
Must be past any probationary period if any in any new job. The loan has to be in the name of the party who qualifies unless you both do.
Contact your lender.
Credit scores must be 620 or higher with a clean report otherwise 640 or higher.
If there is a new job it must be in a like field. If a sub. contractor you need 2 yrs income and then it is averaged.
Must be past any probationary period if any in any new job. The loan has to be in the name of the party who qualifies unless you both do.
Contact your lender.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
Gene, the answers are not incomplete....
Credit scores have nothing to do with her question. She's asking if her income can be used based on the fact that she has a new job.
As for your statement that the new job "must" be in a like field, that simply isn't true. For a salaried job that is not a requirement of conventional or government underwriting guidelines (nor any portfolio guidelines I have ever seen). A borrower can change fields and still qualify, so long as the new job doesn't show inconsistent income (and even then sometimes some of the income can be used to qualify).
Greg
- Bemore2
- Contributions:2
Thanks everyone. I am now currently not working and do not intend to for at least a matter of months,to stay at home with our kids. Would we then have to only apply for a re-finance using his income only? I just left in November. I do think we would qualify with his income only as our loan to value is great loan less than 1/2 of 1.0 M value, our scores are high 700's and we have very little additional monthly debt. I am currently on loan and title and do not want to change that status.
- Greg Cowart, "Roseville Loan Guy"
- Contributions:448
You can definitely apply together. You can be on the loan even though you currently have no income. It's just that you two will have to qualify for the loan on your husband's income alone (as you currently don't have an income).
If that works, and it sounds like it should from what you are telling us, you should be fine qualifying. And you can both stay on the loan and title as you are today. There is no reason you should not be able to stay on the loan/title.
Please let me know if you have any other questions or if there is anything else I can do for you.
Sincerely,
Greg
- James Peters, "JamesRPetersSr"
- Contributions:98
Lots of great answers it also depends on what you are trying to do. FHA and VA streamline's you don't need to qualify income wise. If you are trying to do a conventional loan then you would need to qualify with your husband's income only.
I was with same employer for 25 yrs. until 2 months ago. Husband employed .....
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