IF they want to be co-borrowers they can use both incomes to purchase.
Yes, the bank will calculate your combined incomes to determine how much they will loan to you.
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.
A Co-borrower and co-mortgagor have the same meaning but a mortgage is only used to refer to a loan for real property. Both incomes are used to qualify for the loan. Under this arrangement, all parties involved have an obligation to repay the loan. Generally, a co-mortgagor has an ownership in the encumbered property.
Yes, as long as the person you are co-signing for has an income. The rule is one income one loan two incomes two loans.
Yes, if both people apply for a joint loan, both credit reports will be used to determine the elgibility of the borrowers.
I'm not clear what you mean by "both of your incomes". But it seems your saying your wife was he only one who C-7, which means received discharge of debt. Hence, if you were on the loan, it would seem you are still responsible for the loan.
Decisions about whether to loan money or not generally are not made on the basis of whether the loan applicants are married or single. If you have a job, and a reliable income, then you should be able to borrow money. If two single people both have jobs and reliable incomes, then their collective credit should be even better. You can co-sign for a loan without having to be married to the person who is borrowing the money. It happens all the time.
Yes, the bank will calculate your combined incomes to determine how much they will loan to you.
No, if both are going to apply for the mortgage using their combined incomes, a credit check will be done on each individual. If one person feels their credit history may be a liability in obtaining the financing, they may want to explore the possibility of the person with good credit being a single primary borrower. Obviously this would only be a viable option if the person's income level was adequate to procure the loan.
FHA loans are for people who are buying homes that have low incomes. To get a refinance option it would need to be a regular loan because FHA is already as low as it will get.
The car goes back regardless. If BOTH of the two people are on the loan, then BOTH are responsible. But if only one is on the loan then ONLY that person is reponsible.
The loan support program and deficiency payments.
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.
A Co-borrower and co-mortgagor have the same meaning but a mortgage is only used to refer to a loan for real property. Both incomes are used to qualify for the loan. Under this arrangement, all parties involved have an obligation to repay the loan. Generally, a co-mortgagor has an ownership in the encumbered property.
It's a federal assisted mortgage from the Federal Housing Administration (FHA). The FHA loans typically provide loans to people with lower incomes, allowing them to have the ability to own a home.
The general rule in auto financing is: One income one loan two incomes two loans. Meaning one person one income one loan two people two incomes two loans. There are exceptions If your income is a high income and your expenses are relatively low, then yes second auto loans happen. Of course it also depends on your credit.
Yes, as long as the person you are co-signing for has an income. The rule is one income one loan two incomes two loans.