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Should I need to add my wife to the mortgage?

Hi,

While applying for mortgage should I add my wife to the application? My credit score is 720+ but wife's is below 700. The total cash that we have for downpayment is split between mine and her accounts. As her credit score will be the one taken by the lender, is it possible to put only my name as the applicant but add her bank balance and salary into consideration? Any help is highly appreciated.
  • June 30 2013 - US
  • 0Yes

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Answers (2)

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I could qualify on my own.. but I would need to add the savings in her account also to put for the downpayment. Someone told me that I can include her as supporting income without including her credit history in. I dont know how accurate that information is. So I thought i'll ask the question here.
  • June 30 2013
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Your joint bank accounts can be used for the down payment, but her income cannot unless she is a borrower. If you need her income to qualify, then you might just have to take the credit score "hit" to the chin in terms of rate.
  • June 30 2013
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