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Is there anyway I can be a single borrower but use my wife's income?

by RyanSCT from Claremont, California. Jun 5th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

No.. if you wish to use her income, you have to use her credit and she has to sign and be on the loan. Also, depending on which loan product you go with, you might have to have her individual debt added to your debt for qualifying purposes.. Because CA is a community property state, FHA requires that the "non-borrowing" spouses debt be considered in the borrowers ratios to determine his maximum debt to income ratios. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jun 5th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

You can only use the income of the individuals that are on the loan. If you want to use your wife's income, she must be on the loan. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 6th 2013
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Tim Howard (TimHoward)
#74 ranked lender in Ohio - 52 contributions

Unfortunately no. She would have to be a co-borrower in order to use her income for approval purposes. The lender will use the lowest middle score to determine eligibility also. Hope this helps

Jun 5th 2013
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Jason Vondrak (jvondrak)
#220 ranked lender in California - 1,741 contributions

No, the only way to qualify using your wife's income is if she is a co-borrower on the loan.

Jun 5th 2013
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Elden Lewis (elewis_409_299)
#41 ranked lender in Indiana - 223 contributions

Unfortunately no, she would have to be on the note and mortgage as well as you.

Jun 5th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Very difficult, without the use of an entity such as an LLC. Most conventional lenders will not accept an LLC as a borrower.

Jun 5th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Hi Ryan! This is not a possibility, but if you would like to have your scenario reviewed, I'd be happy to take the time to go over things with you and we can possibly help you get a plan to obtain financing in the near future! I look forward to hearing from you soon!

Jun 5th 2013
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Larry Gray (lgray_312_247)
#593 ranked lender in California - 1,139 contributions

The one thing I would add: though you will not qualify with other income when they are not a co-borrower, you could consider reservesyou might have with both your names on the account as income. There is a formula from two different kinds of loans available with usdepending on the loan chosen for your purposes, that use reserves counted as income.

Jun 5th 2013
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Larry Gray (lgray_312_247)
#593 ranked lender in California - 1,139 contributions

I did think of one other possibility to aid you in your efforts. We do allow higher debt to income ratios than most banks would, witha number of our borrowers. The good thing for the borrower who knows income is coming in from a spouse, or sometimes a renterof a room or two, they can qualify to purchase a little more house than they would have otherwise.

Jun 5th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

NO. If you want to use your wife's income she MUST be on the loan. NO BANK WILL GIVE YOU CREDIT FOR INCOME THAT IS NOT YOURS.

Jun 5th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

No Way JOSE. :)

Jun 5th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

if you use her income, you must also use her credit.

Jun 5th 2013
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,981 contributions

No, the only way to use her income was if she was also on the loan application.

Jun 5th 2013
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David Sanders (David_Sanders)
#809 ranked lender in California - 59 contributions

As the other say Ryan. No go. She would need to fully credit qualify to use her income on the loan.

Jun 5th 2013
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Blake Kleckner (BlakeK)
#5 ranked lender in California - 259 contributions

Why don't your wife to be on the loan? Does she not want to be on it? If her income is necessary for loan qualification, about the only reason she shouldn't be on it is if her FICO score is lower than yours, and could, thereby; cause a much higher interest rate and/or loan costs. If this isn't the case, it would be beneficial for her to be on the loan unless there are some extenuating circumstances that preclude this possibility. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to discuss this issue with you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 40+ quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Jun 5th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

No..

Jun 6th 2013
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J.D. Peck (MortgageColoradoSprings)
#45 ranked lender in Colorado - 77 contributions

Unfortunately, the only income that can be used is that of a borrower on the mortgage.

Jun 6th 2013
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