Hello All,
We are planning for purchasing our 1st home in next 8-12 months. Both of us are working. My wife might take some break as we are expecting our 2nd one this October.
So far, we are saving the money for downpayment in Cap one online account under my wife's name. I am not on that as even Joint account holder.
My scores are good. Approximately touching 800's on 3 credit bureaus(Not sure about mortgage scores however). My wife scores are in 750 across 3 Credit bureaus.
I am not sure whether to apply mortgage loan as joint or only on my name(If someone can point the pros and cons, that would be really helpful)
Lets say, if i apply that on my name only, will there be any problem using the downpayment money saved under my wife account?
Will the lenders see that as NOT my money?
If there is anything to do now, i think this would be right time to add myself in as joint account. but there again, will there be any credit hard pull if i add myself to her savings account? because i m saving all HPs from last year for my mortgage loans.
Please advice.
Thanks in Advance.
@Spider07 wrote:
@GetMeSlick wrote:Hello All,
We are planning for purchasing our 1st home in next 8-12 months. Both of us are working. My wife might take some break as we are expecting our 2nd one this October.
So far, we are saving the money for downpayment in Cap one online account under my wife's name. I am not on that as even Joint account holder.
My scores are good. Approximately touching 800's on 3 credit bureaus(Not sure about mortgage scores however). My wife scores are in 750 across 3 Credit bureaus.
I am not sure whether to apply mortgage loan as joint or only on my name(If someone can point the pros and cons, that would be really helpful)
Lets say, if i apply that on my name only, will there be any problem using the downpayment money saved under my wife account?
Will the lenders see that as NOT my money?
If there is anything to do now, i think this would be right time to add myself in as joint account. but there again, will there be any credit hard pull if i add myself to her savings account? because i m saving all HPs from last year for my mortgage loans.
Please advice.
Thanks in Advance.
The main reason people don't include their spouse on the loan is the Spouse's credit isn't that great. It appears both of you have really good credit so there would be no reason not to inlcude her and it will increase your purchase power and lower your DTI (in most states even if the wife is not on the loan, her debt counts towards your DTI calculation but her income doesn't help with it). When you say "take a break" due to having a chlld (Congrats by the way), do you mean quit her job all together or take up to 12 weeks as provided by FMLA? If she quits, that makes it harder, if she is just taking FMLA, then it shouldn't be a big deal.
As far as the money goes, I would go ahead and get on her account now, if it requires a Hard Pull, it will be of little factor in 8 months and at most, you would just have to do a LOE for it when the time comes.
The other piece of advice I would give you is to go ahead and get your 3B report from My Fico so you will know your actual Mortgage scores, they can differ quite a bit from Fico 8 scores and you will also be able to see everything on your credit reports and work on anything that might be bad on there.
When you have 8 months to a year, you can get a lot of stuff done and your future lender won't even know about it.
Thanks for your advice. I will add mine as joint account in her SB account right away.
Yes, she is thinking of FMLA only.
@GetMeSlick wrote:
@Spider07 wrote:
@GetMeSlick wrote:Hello All,
We are planning for purchasing our 1st home in next 8-12 months. Both of us are working. My wife might take some break as we are expecting our 2nd one this October.
So far, we are saving the money for downpayment in Cap one online account under my wife's name. I am not on that as even Joint account holder.
My scores are good. Approximately touching 800's on 3 credit bureaus(Not sure about mortgage scores however). My wife scores are in 750 across 3 Credit bureaus.
I am not sure whether to apply mortgage loan as joint or only on my name(If someone can point the pros and cons, that would be really helpful)
Lets say, if i apply that on my name only, will there be any problem using the downpayment money saved under my wife account?
Will the lenders see that as NOT my money?
If there is anything to do now, i think this would be right time to add myself in as joint account. but there again, will there be any credit hard pull if i add myself to her savings account? because i m saving all HPs from last year for my mortgage loans.
Please advice.
Thanks in Advance.
The main reason people don't include their spouse on the loan is the Spouse's credit isn't that great. It appears both of you have really good credit so there would be no reason not to inlcude her and it will increase your purchase power and lower your DTI (in most states even if the wife is not on the loan, her debt counts towards your DTI calculation but her income doesn't help with it). When you say "take a break" due to having a chlld (Congrats by the way), do you mean quit her job all together or take up to 12 weeks as provided by FMLA? If she quits, that makes it harder, if she is just taking FMLA, then it shouldn't be a big deal.
As far as the money goes, I would go ahead and get on her account now, if it requires a Hard Pull, it will be of little factor in 8 months and at most, you would just have to do a LOE for it when the time comes.
The other piece of advice I would give you is to go ahead and get your 3B report from My Fico so you will know your actual Mortgage scores, they can differ quite a bit from Fico 8 scores and you will also be able to see everything on your credit reports and work on anything that might be bad on there.
When you have 8 months to a year, you can get a lot of stuff done and your future lender won't even know about it.
Thanks for your advice. I will add mine as joint account in her SB account right away.
Yes, she is thinking of FMLA only.
Thanks again Spider07.
I just created a Cap1 360 SB account on my name. Then invited myself from my wife's Cap1 360 SB account and added myself as Joint A/C holder. All happened under 30 mins.
Now, i could see my name refelcting when i generate the account balance document.
