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Can i use income from a non borrowing spouse?

by george_eden315 from Aliso Viejo, California. Feb 7th 2014 Reply


Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Hi George, Generally no. Only income from borrowers obligated on the note is considered. Ironically, in your state, the debts of your spouse will be considered in calculating your ability to pay even if she is not a borrower on the mortgage. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Feb 7th 2014
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Dan Marchiando (dan@yourbestinterest.net)
#471 ranked lender in California - 29 contributions

Hi George,The short answer is unfortunately no.I can imagine a couple scenarios where you might want to refinance property without your spouse on the loan. 1. If you owned the property from before you were married (separate property), or if your spouse had poor credit. In the first instance, the lender would require the spouse to be on title with you, before their income was considered. In the second instance, the lender wouldn't consider the spouses income without also considering the spouse's credit. If you have any other information to add, please contact me here or through my profile.Regards, Dan Marchiando, mortgage broker.

Feb 7th 2014
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Chris Neuswanger (mtnmortgageguy)
#93 ranked lender in Colorado - 92 contributions

I'd have to agree, but would note one thing, the non-borrowing spouse can contribute towards the down payment if they hold the funds in their sole account. This is done via a gift letter and proper paper trail of the source of the funds from the spouses account to the closing table.

Feb 7th 2014
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Dr. Shab Kavandi (skavandi)
#469 ranked lender in California - 53 contributions

Hi George:absolutely yes! If you need further info please call me directly at 714 639-6694 or you can stop by at our office we are located in Aliso Viejo as well :)Shab American Select Funding Inc. 120 Vantis, Suite 300 Aliso Viejo, CA 92656

Feb 7th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,112 contributions

No, you cannot use income from a non-borrowing spouse to qualify. However, a non-borrowing spouse can gift you money for a down payment or closing costs. You can also have a non-occupant co-signer, but again they would have to qualify with all of their debts and income, same as you would. Best wishes, Sean

Feb 9th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,944 contributions

No... Only those on the actual loan will be considered.

Feb 10th 2014
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