My wage is approximately 55% than my wife's
This will be our 2nd home
With our first home, I am the only one on our 1st loan; we co-signed for the second loan (which represents our equity line and)
We both have comparable credit scores
2007-08-25 12:11:41 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Also, should mention that one of our homes is an investment home/rental property
2007-08-25 13:10:09 · update #1
And with this question, wondering what the pro's and con's of each scenario would be. (Me on the loan alone, or both of us on the loan)
Thank you
2007-08-25 13:12:12 · update #2
it would be ok as long as your wife does go southward bound than she would own 1/2 of house and you would owe 100% of the balance -- i can not see anyone doing that in this day of marriages than don't out last the ink on the marriage paper work!!!
2007-08-28 05:20:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Unfortunately I don't know how much help I can be but I'll try. You can use only the income you want to use, all they need is verification of that income. They only ask for household income because most people want the most mortgage they can get. My sister and her husband used ONLY his income for their first home. I think you can apply for a mortgage yourself. I do not see why they would MAKE him co sign on it..... many single people get mortgages everyday.... so why can't you. It might be a mortgage with less offers, like no money down and you might get stuck with a higher interest rate but I don't see why you wouldn't be able to apply alone. Don't worry about the income, you can use what you want to use but call around to EVERYWHERE you can to check on applying for one by yourself. If they say no, ask why! Is it company policy or something else? There's got to be something to accomodate you.
2016-05-17 22:50:35 · answer #2 · answered by courtney 3 · 0⤊ 0⤋
Had a similar situation with my spouse, and I signed for the loan, but she's on title. Although, I've wondered what the legal ramifications would be if god forbid our marriage went South.
2007-08-25 12:30:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If she is on the title without being on the loan she will own the house without having to be responsible for paying. You and you alone will be responsible.
2007-08-25 13:10:16 · answer #4 · answered by heybulldog 5 · 0⤊ 0⤋
If you need a loan, you can't afford a SECOND home. As a married couple, there should not be a 'my' and a 'hers'. Everything should be OURS.
2007-08-25 12:45:36 · answer #5 · answered by STEVEN F 7 · 1⤊ 0⤋
She should, it will increase her credit score. You never know what might happen, she may need great credit in the future.
2007-08-25 12:33:33 · answer #6 · answered by Landlord 7 · 2⤊ 0⤋
You can finance the house and just put her on the title
2007-08-25 12:18:12 · answer #7 · answered by Bill P 5 · 0⤊ 0⤋