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Can a spouse's income be used on a mortgage loan if she is not a co borrower?
Wiki User
∙ 12y ago
Simply put, no. The only income that is documented is of that person(s) who is on the loan; borrower, co-borrower, or both. The banks check thoroughly in processing/underwriting.
Wiki User
∙ 12y ago
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Can a spouse's income be used on a mortgage loan if she is not a co-borrower?
No, you can't use your spouse's income on a mortgage loan if she isn't going to "sign" it as a co-borrower. Only the incomes of those who sign for the loan are considered.
Must a husband disclose his income and sign the mortgage if his wife is the one buying the house?
Generally, not if the property will be in the wife's name alone and her income is enough to qualify her as the sole borrower for the loan. Some lenders insist that both spouses sign the mortgage.
Does banker have right to search your credit when not a coborrower on spouses refi of 85k rental home I have a 7 year old discharged bankruptcy but a 729 score and not working and he 855 with 95k year?
sounds like he is the borrower. You can not be a borrower without income. You can be on the titlewithout income you should not be on the loan. The bank has to check just his credit with just his income . thanks John d the mortgage man
What is the legal definition of mortgage fraud?
Mortgage fraud is the deliberate omission or misrepresentation of facts on the part of either the borrower or lender with the purpose of obtaining a mortgage loan. Mortgage fraud is essentially the intentional misrepresentation by either the borrower or the lending institution to enable the awarding of a loan. Examples of mortgage fraud include income misrepresentation, and misrepresentation of property use.
Is mortgage loan a income or an expense?
Neither. The actual loan is a capital item and the interest on the loan is an expense for the borrower but income for the lender. The only time the loan itself becomes an expense item is when the unrecoverable portion needs to written off and then it becomes a bad debt. Repayment of the loan is entirely on the asset accounts for both the borrower and lender.
What question should be asked during mortgage loan interview?
The main question that should be asked during mortgage loan interview is how the borrower plans to repay. A person who has no job or other steady source of income will not be able to pay the mortgage back and is not a good loan risk.
Who is the Grantor on a mortgage loan?
The borrower is the grantor, the lender is the grantee.
What is a state income mortgage loan?
A stated income mortgage loan is a loan where a borriwer is not required to verify there income. These loans were very popular and common before the recent mortgage crisis.
What is a mortgage loan originator?
Mortgage loan originator is an institution or individual that works with borrower to complete a mortgage transaction.A mortgage originator can be a mortgage broker or mortgage banker & is the original mortgage lender.
Can they base a mortgage on two separate incomes living in the home?
Absolutely. The income of any person living in a home can be used for mortgage approval as long as they are on the application and the income is verifiable. There are even instances where a non-occupying co-borrower's income can be used (this varies by loan program). Source: I'm a loan officer.
Is permanent disability income counted when qualifying for a real estate loan?
It can be. It will depend on the judgment a lender makes about the affordability of the mortgage and the borrower's ability to make the payments.
What are the three components of a mortgage?
The three elements are 1) The asset that is which one to be mortgage 2) The lender who make the mortgage 3) The borrower who want the loan by mortgage this three are the basic components of mortgage loan.
