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Is there any good reason that a non income earning spouse should apply as a co-borrower?

As a stay at home mom who does not garner an income, is there any benefit to my applying as co-borrower to purchase a house? Thanks for any responses.
  • April 16 2013 - Tarpon River
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Answers (4)

YES, and I am actually qualified to answer this question.

-A co-borrower with good credit strengthens an automated approval process. This is the process by which most all loans are initially underwritten. 

-Any assets in only the Mom's name can be used on the loan application and thus create a stronger file.

-Having an on time mortgage payment reporting to the Mom's credit is the best thing for her credit score. 

-God forbid, if anything happens to the primary borrower the loan can continue as planned with no further complications or probate issues. 

Hope this helps! 
  
  • April 16 2013
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double no
  • April 16 2013
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If you'd like the mortgage to report on your Credit Report and help you build a good FICO score.
  • April 16 2013
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No
  • April 16 2013
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