can we get a mortgage?

Question

can we get mortgage without my name on the mortgage i(the husband )has bad credit 637 my wifes is in the mid 700's i make more money then her the house were looking at is priced at 126000. id liked to know could she get the mortgage in just her name based on her credit to get a good rate. id rather not put my name on it based on my credit and end up getting a bad rate. we have enough for 10 percent down payment

wifes gross income a month is 1400
mine is 2470

Answer 1

depends on what type of prodct you're looking at.

You might end up with the same rate either way because of the large down payment.

nobody will be able to tell you if your wife can qualify unless we know how much debt she is obligated to pay per month...and what she makes in income per month.

Answer 2

Frankly, the lender doesn't care how many names are on the note, so long as the names that ARE on the note satisfy the lender's lending standards.

If your wife's credit, assets, job security and income are sufficient to qualify for the loan that you'll need, the lender doesn't have any particular concern about whether or not you're on the paper.

However - unless either your income is negligible, or your wife's income is sufficiently high, it may take your JOINT income to qualify for the loan.

What this determination will probably really come down to is the amount of money that you're looking to borrow. If homes are moderately priced in your community, it's reasonably likely that your wife will be able to qualify in her name alone. On the other hand, where I live, you're either making a pretty good living, or you're almost looking at a two-income couple to qualify for a nice home in this community.

Don't be so quick to discount a mid-600s credit score - I've seen plenty worse. The person who can best answer this question for you is a mortgage broker - an independent professional who can run your numbers against all of the different programs that she or he has, and let you know how the different scenarios play out - if your wife can qualify alone (and at what rate), how your joint guarantee might effect the rate, etc.

Good luck!

Answer 3

It's hard to tell with the limited information you have given. What is her income to debt ratio? Without your income will hers be enough to cover the mortgage and the other debt that her name is on? If not, then you are going to have to be listed on the mortgage to show where the money is going to come from. A lot of other factors will come into play. With all of the recent turmoil in the mortgage industry what was possible just a few months ago is now much more difficult. I would suggest approaching your bank where hopefully you have a good account history and apply through them. It may actually work best for both of you to be on the mortgage since your income will be counted that way.

Answer 4

Hi,

Try going gurantor, that way YOUR credit history won't be looked at.. only your income will.. and it will re-inforce the application for the wife , without hindering it in the slightest way.

I own a finance company and this is what I would advise in this case. I'm not familiar with the credit scoring system you refer to however , so cant advise there but you should be fine provided you are not too old, the property is not too rural (or banks may seek a higher deposit) and you can prove sufficient income to repay.

Answer 5

YES! If your wife's income is sufficient to support the payment and her debts. You don't provide her income, so it is hard to give a specific answer. Generally the lender will not want the house payment to exceed 40% of her income and the house and debts not to exceed 50%. With scores in the 700s they may be a little more liberal.

Answer 6

Whether or not she can qualify on her own with depend on both her credit score and her debt to income ratio. In otherwords if her name is on autoloans, credit cards etc. it will reduce the total amount that she'd qualify for.

Answer 7

Your wifes income is less than 17K a year, if you only use her credit and income she does not qualify for 126K of loans

Answer 8

Yes, you can. I just did it. just put it in my name..and not husbands - because husbands credit is bad.

Answer 9

Sure. I do not work outside of the home, so my husband is the only one on our mortage.