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I've searched for my scenario and can't find it. Sorry if I'm posting in wrong place. Is it possible to get a house in another stater on my wife's income if she has no plans on leaving here job imnthenstate where in? But I would take occupancy as spouse and work part time there and visit home often and she would spend her time up there with me on her vacations. iis this able to be done? Can spouse be the occupant of second house without the one on the loan being there? Any answers would be appreciated, thank you.
Bumping for the loan officers to respond to this one!
I just went through the same kind of problem recently, but with my mom as a co-borrower. Since my mom wouldn't be living at the house I want across the country full-time she had to be my non-occupant co-borrower. They allowed me to use her income to justify the mortgage since I'm in college and only work part-time, but they took the average of my 3 scores since they were the lowest and chose our rate based on MY scores not hers. My averaged score was around 685 so we got the best rate with FHA, which was 3.25%. You said that you would be working part-time right? Well you can't use any of your income unless you plan on getting a job offer with a stated income you would be making in this new state. In case you don't have a job offer, than you'll have to rely solely on your wife's income to justify the mortage payment. Please ask me any questions about this as I am still going through the mortgage process and am about to go into underwriting
Best wishes that you get the house you yearn for!
@Anonymous wrote:
Thank you for the reply. I'm pretty sure my wife's income alone would be enough. So would I apply for the loan myself and just use her as co-borrower then? I guess they would still count just her income but both of our debts? Just curious what lender you worked with also if you don't mind, unless it's against the rules. Thank You
The person with the qualifying income will be the primary applicant. You can both apply but the underwriter will decide which of the income sources to use for qualifying purposes.
@Anonymous wrote:
Doing it that way would you be able to do fha? I thought if you were the primary on the loan you'd have to work in the same state as the house is located. I may be wrong, just trying to figure it all out.
There is something called "non-occupying" mortgage applicant. A good loan officer will figure out your best option. Most of us here are offering opinions.