One Borrower using Spouse's Income?

[Anonymous]

Hello! Veteran here looking to obtain a mortgage this year but cant use my wife's credit so I will have to apply on my own without her. My mortgage scores are in 660s. Possibly higher after paying down accounts before apping. Thing is, I may need her income. I've been researching for past few weeks as to which program to go for. Currently on a VA loan listing to sale property mid March. Need to move closer to alternate school district for kid entering high school.

[JVille]

Cant use the Wife’s Income without using her credit. Sorry!

[Anonymous]

Thanks for the quick reply! There isn't any program that allows for this? I keep reading contradictory information via countless searches. I really only need about 8,000 of her income to be honest. Would a piggy back loan work better in this case using just my income. Do I have options at all?

[Anonymous]

Hi jaeski33,

I’m no expert but I think it depends on the type of loan and what documentation you can provide. Like you, I’ve also seen conflicting information on using a spouse’s income without them being on the loan. One option, that may or may not work is trying to use her income as boarder income. For example, fha allows “boarder income” up to 30%. The boarder may or may not be related but you’d have to demonstrate rent payments directly to you for 10 of the last 12 months. Im not sure if a spouse could qualify as a boarder.

In my case, I have my bf write rent checks to me every month and deposit into my checking account. We’re both working on our credit but mine is better than his so, this will help us use some of his income if we find a home before his credit situation is resolved. Here is a link with additional info.
https://www.wheda.com/WorkArea/DownloadAsset.aspx?id=464

[Anonymous]

Thanks for the info. I will look into this and see if I can utilize it. We both have separate accounts that we write checks out of and deposited into a joint account. With the check being a joint account maybe it won't work but will see. She writes her check to me directly. With "bills" in the memo section.

[NC_Mtg_Loaner]

See if you can qualify for a mortgage credit certificate if you are not in any position to either:

1. reduce your monthly liabilities by a smidgeon to qualify

2. have your wife boost her credit scores quickly

Good Luck and thanks for your service to our country.

[Anonymous]

Thanks for your response. My wife actually has scores comparable to mine but she has a recent BK that was discharged last year. When she filed she wasn't behind on any accounts, just too much left over from previous divorce so it was best to clean the slate. Her scores didn't suffer much.

[VALoanMaster]

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@Anonymous wrote:
Hello! Veteran here looking to obtain a mortgage this year but cant use my wife's credit so I will have to apply on my own without her. My mortgage scores are in 660s. Possibly higher after paying down accounts before apping. Thing is, I may need her income. I've been researching for past few weeks as to which program to go for. Currently on a VA loan listing to sale property mid March. Need to move closer to alternate school district for kid entering high school.

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Hi Jaeski33,

It's possible. I've helped several Veterans with situations just like this but it's only possible in community property states on VA loans.

[Anonymous]

Ok, well I'm in Illinois. Where do I fall within the spectrum?

[kc0039]

Illinois is NOT a community property state. I would know lol