topic Re: Can I get a mortgage on my own? in Mortgage Loans

Can I get a mortgage on my own?

ZRH — Sun, 23 Jan 2022 22:34:05 GMT

My husband and I got married last year. I am wondering two things 1. Can we file taxes jointly (I have a w2 job, he has unemployment income, & business deductions for start up expenses) while I apply for a mortgage on my own? We do not have any joint accounts. Would it be best to file married but separate?
2. I just got my real estate license (Jan 2022). I am wondering how soon I would be able to use my commissions for mortgage qualification? Should I keep this income completely separate from my account where my w2 income goes?

Re: Can I get a mortgage on my own?

yoshee08 — Sun, 23 Jan 2022 23:50:45 GMT

Mortgage lenders use previous 2 years generally of income and tax returns. So if you were looking to get a mortgage in the next couple months and had not yet filed 2021 taxes, they would not even factor that in.

They simply are trying to make sure your jobs income matches with what you reported on your taxes. If I understand the process correctly, they wouldn't care what your tax filing status is/was or that there are deductions. They simply want to make sure your w2s match what you reported for that job etc..

Same would go for income - they will use your last 2 years of income (and in some cases with less history, use as much was available and average it out over 24 months) to male sure you qualify. If only you are on the mortgage, then it wouldn't matter what your husbands income is/was and shouldn't matter what his taxes say, unless he's giving you money for the down payment. (Hint: if you want to play around with where your money is....do it more than 3 months before applying for mortgage. )

Re: Can I get a mortgage on my own?

VALoanMaster — Mon, 24 Jan 2022 23:33:14 GMT

@ZRH wrote:
My husband and I got married last year. I am wondering two things 1. Can we file taxes jointly (I have a w2 job, he has unemployment income, & business deductions for start up expenses) while I apply for a mortgage on my own? We do not have any joint accounts. Would it be best to file married but separate?
2. I just got my real estate license (Jan 2022). I am wondering how soon I would be able to use my commissions for mortgage qualification? Should I keep this income completely separate from my account where my w2 income goes?

1) I would keep it separate for now.

2) Your commissions cannot be used for at least 1 year but most likely 2.