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There are often married couples where one spouse has clean credit yet unfortunately doesn't make enough money to qualify for a loan by themselves. Is there anything that prevents the other spouse from paying a salary to the spouse with the better credit? I'm guessing there must be, but curious if there is any way to do this.
I think thats only legal in part of Nevada.
That would likely not fly through UW and would probably require 2 years worth of tax returns and you'd be paying double taxes if you were on a w2 then paying her a 'salary'. If you were 1099'd anyway you could try it for the next two years then apply but honestly in two years you could just fix your credit. My credit score went from 500 to 700 in 7 months.
@doublespaces wrote:That would likely not fly through UW and would probably require 2 years worth of tax returns and you'd be paying double taxes if you were on a w2 then paying her a 'salary'. If you were 1099'd anyway you could try it for the next two years then apply but honestly in two years you could just fix your credit. My credit score went from 500 to 700 in 7 months.
Makes sense that it would require a certain amount of time to establish that it was a real job. And that you could probably fix credit problems in that timeframe. I don't think you have to pay taxes on wages you pay to your spouse though. Anyway, not something I'm considering. Just curious as I often see posts where there is in imbalance between the spouse with the best credit and the spouse with the better paying job.
A good thing close to this - spouses and "gift" money to the other. This wouldn't apply when it comes to overall DTI but if it came down to down payment/closing costs, this could easily be done.
Just gotta find a lender who is willing to turn the blind eye about certain things. Anything could be possible
@doublespaces wrote:Just gotta find a lender who is willing to turn the blind eye about certain things. Anything could be possible
Heh, yes, including the meltdown of the United States real estate industry.