If so how do we go about doing that. serious replies please, preferably loan officers/lenders.
2006-08-05 05:25:21 · 8 answers · asked by keke16 1 in Business & Finance ➔ Renting & Real Estate
Yes, and it works well if you both have good credit. If one of you does not have good credit, this could be a reason for obtaining a loan under just one name.
2006-08-05 05:29:29 · answer #1 · answered by nothing 6 · 0⤊ 0⤋
Yes you can, but if one spouse has a score lower then the score needed to obtain the best rate and program the lender may use the lower score.
Mortgage loans are fico driven at these scores 720+ best rate and program 680+ little higher rate and less loan program options 640+ approvable but at higher rates and very few loan options.
You and your spouse will want to know who has the best fico, and hope that person brings in the most income.
2006-08-05 12:49:29 · answer #2 · answered by Jacque w 3 · 0⤊ 0⤋
Yes. Just remember though, you are also combining debts as well. Sometimes it works out better for both of you to get the loan in one or the others credit and many times it does work that it is best for you both to do it together. Any other questions let me know. Good Luck.
2006-08-05 12:51:43 · answer #3 · answered by unclejesse1 3 · 0⤊ 0⤋
Yes, in fact this is the way that almost 90% of married couples get approved for home loans...
WHat happens is the lender will use the credit score of the wage earner..(Or person who makes the most income)
It will qualify with both incomes, but has to use the score of the person making most..
Have you spoken with a mortgage consultant yet?
My name is Jason Fry, i am a licensed Mortgage consultant with Provisential Bancorp.. We serve most of the US, and spcialize in working with first time home buyers..
Is this your first home? If so, we have great program options that will help both of you get into your first home..
Feel free to reach me direct at 312-264-6448, or email me at jasonf@providential.com..
I have helped numerous people just like yourself that have posted similar questions on Yahoo Answers... Take a look at my profile, and view some of my answers, and the askers responses...
Look forward to assisting you further!
Jason Fry
Licensed Mortage Consultant
Providential Bancorp
312-264-6448
2006-08-08 12:12:21 · answer #4 · answered by MortgageGuy 3 · 0⤊ 0⤋
You can apply jointly if you both have good credit, or use only one of you if one of you have a past record of bankruptcy, etc.
Being legally married, protections you in a state that has community property since if the loan, for example was in you husbands name only, if he died, you would automatically own the property. If you were to, "God forbid" get divorced you would still get 1/2 equity..
...If you are in a state without community property rights, then you need to both be on the loan, regardless.
2006-08-05 13:51:02 · answer #5 · answered by Rada S 5 · 0⤊ 0⤋
u have buy on both of yours name. i guess.i just did that. buyer agreement on both name and credit check etc. combine income will count also the debt'll count too.so if u have credit card bills pay them before applying for loan.
2006-08-05 12:31:12 · answer #6 · answered by Singh 2 · 0⤊ 0⤋
Yes, that is what you want to do in order to reduce your debt to income ratio as well as qualify for amount needed for your purchase.
2006-08-05 12:32:40 · answer #7 · answered by staceydian 2 · 0⤊ 0⤋
Of course you can.
2006-08-05 12:32:59 · answer #8 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋