Mortgage Loans

[heelsfan]

i am applying for new mortgage with scores around 600.  my wife has no income (stay at home mom) and will not help in the qualifying due to low 500 scores.  do i have to put her down as co-applicant.  can i have note in my name and deed of house in jt?  my income and dti are both fine and will have about a 10% down payment, but the mtg broker wants my wifes ssn to start app.  please advise if i have to give her ssn or even put her on app.  thanks.

[Timothy]

If you go FHA I would do joint.
But even if you do not go joint- she can be listed on the title.

He is asking so he can see all the options he has available-

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heelsfan wrote:

i am applying for new mortgage with scores around 600. my wife has no income (stay at home mom) and will not help in the qualifying due to low 500 scores. do i have to put her down as co-applicant. can i have note in my name and deed of house in jt? my income and dti are both fine and will have about a 10% down payment, but the mtg broker wants my wifes ssn to start app. please advise if i have to give her ssn or even put her on app. thanks.

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[heelsfan]

is there any specific reason to do joint on the fha...i thought with her lower scores  it would affect our rates and qualification process.

[ShanetheMortgageMan]

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heelsfan wrote:

is there any specific reason to do joint on the fha...i thought with her lower scores  it would affect our rates and qualification process.

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It could, your broker is just trying to determine if her being on the mortgage would hurt/not hurt things.. FHA is not score driven so her lower scores alone wouldn't be the reason she couldn't be on the mortgage, her credit history would determine that.  If you live in a community property state then your wife's debts must be included in the debt ratio calculation for FHA... for a conforming loan program they normally would not.