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New Home Buyer Questions

My wife and I want to be on the title and mortgage both for our first home. Unfortunately, her credit is not good, although she has good income (FICO 465, Gross $122,000/year). I, on the other hand, have great credit and successful self employed since 2008 (840 FICO, revenue 2017 $245,500). Would it be better to single sign my loan? Is there a great risk of a better rate if I add my wife to mortgage loan? by parksh59 from Chicago, Illinois. Dec 7th 2018 Reply


If your net profit is enough to qualify on your own you'll get much better terms that way. Wife could still be added to the title just not the mortgage. There are no conforming mortgages available with 465 FICOs.

Dec 7th 2018
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Additionally, there are no securitized loans at all for a score that low, including FHA, VA and jumbo. You'll definitely need to apply for a mortgage without your wife on the loan.

Dec 7th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,556 contributions

First, if you want to add your wife to the loan, then you wont qualify at all.. you will be denied.. Lending rules require the loan to be qualified using the LOWEST MId score of ALL borrowers.. However, if you have sufficient income to qualify on your own.. and you meet all other eligibility requirements, then you can be on the loan and add your wife to the title only.. This would give her ownership rights just as if she qualified and was on the loan. One thing I will caution you on.. when it comes to self employed borrowers, it sometimes becomes difficult to qualify them. We have to look at your most recent 2 years tax returns, and we are going to look at your income after deductions.. If your business brings in $1,000,000 a year, but you claim $12,000 per year after deductions, then for qualifying purposes, you make $1000 per month and that in most all scenarios, will not be enough to qualify for a loan. To get the most accurate information, you need to contact a local mortgage professional, and let them look at your complete loan profile.. once they have the full picture, they can advise you.. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Dec 10th 2018
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