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Hello All,
happy thanksgiving to all.
Me and my spouse are working and both have more than 740 scores across CBs(Not the mortgage scores, these are regular ficos).
I got few questions.
1)Can we apply mortgage loan jointly? so that we can show the total household annual income as (big/large) numbers for loan amount eligibility? moreover, our budget is to finalize home within 500k. if so, what would be pros/cons
2)We are saving the money for home down payment under my wife's cap 1 money market account, its an individual account. if by any chance, we cant apply for joint mortgage loan, will having all down payment in cap 1 account under her name a good idea or adding myself to that account as joint owner would help?. this is to show how we pay the down payment on the lender application
thanks in advance.
yes you can definitely apply for a loan jointly. keep in mind that the lower of the 2 mid mortgage scores will be used. also since both of you will be on the loan all of your debt is calculated into the DTI. thats car loans, credit card min payments, student loans etc.
500K pros. nice house.
500k cons. nice big payment, pmi if you dont put 20% down. and of course property taxes.
saving money in the money market is a good idea as long as both of you are on the loan. if she drops from the loan then she will have to gift it to you. if you drop from the loan nothing happens they just process it as her account. you dont necessarily have to be on the account, if you are then they will need a letter stating that you are married and have full access to this account and vice versa depending who is on the loan.
hope this helps.
good luck with the purchase