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Answers (9)
Best Answer
- Steven Newmyer, "snewmyer"
- Contributions:16
If you are married, you can apply for a loan individually and then your spouse would sign the Deed of Trust. You would not be able to use her income for qualification.
There is one exception to the above. If you to obtain an FHA loan, you could only use your income, but would need to include your debts and the debts of your spouse for qualification (NOTE: If you were not married, you would not have to use her debts). You would not need to use her credit scores, but would have to use her debts in the debt-to-income calculation for your loan.
Hope that helps.
There is one exception to the above. If you to obtain an FHA loan, you could only use your income, but would need to include your debts and the debts of your spouse for qualification (NOTE: If you were not married, you would not have to use her debts). You would not need to use her credit scores, but would have to use her debts in the debt-to-income calculation for your loan.
Hope that helps.
- Tamika Goree, "tamikagoree"
- Contributions:5
@Norm ~ No I am no implying that.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
Ms Goree, are you implying she'd have to be on the loan if they were married?
- Tamika Goree, "tamikagoree"
- Contributions:5
Your girlfriend doesn't have to be on the loan since you two aren't married. Do you mind me asking what is your girlfriend's credit scores? Are you wanting to use her income so that the two of you can qualify for a bigger house? There are lenders out there that will take a mid-score of 600 for a FHA loan but the qualifications are stricter. Would you consider putting her into a credit repair program if you two are wanting to use her income?
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
Whether you are married or not is pretty much a non factor. If you need her income to qualify, then her debts and credit will work against you. If you don't need her to qualfiy and her credit is poor, it's probably best to leave her off the loan for now. As long as you both plan to live there, you can both be on the loan.
- Naima Sumner, "Dallas Ft. Worth PRO"
- Contributions:2847
If you qualify for the loan on your income alone, you shouldn't need your GF's credit. That's the key.
As Steven said, if you do an FHA loan which requires only 3.5% down, and you need her income to buy, then her debts have to be taken into consideration.
If you are married, you can still apply on your own, but your wife would have to sign the deed of trust.
Naima
- bfoster2k7
- Contributions:2
Thank you Justin. Say if you were married, can i still apply for the mortgage individually or does it have to be joint?
- wetdawgs
- Contributions:26841
Can you afford the property on your income alone?
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
If you apply jointly, you will qualify off the lower median credit score between the two of you.
If either of you applies as an individual, you can only use that individuals income.
Not married. Will lenders require both of our incomes or individual income?
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