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Can you get financed if your wife has good credit but you have the income?
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∙ 15y ago
yes
Wiki User
∙ 15y ago
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Does your wife have to be on your mortgage?
No your spouse does not have to be on your mortgage but depending on the state, they must sign away their martial rights to the property because under the law, you are one! If you are looking for more info about the Mortgage process and credit check out The Credit Bible by Phil Turner. Below are some options for you.Option one: Buy the house together as co-owners and co-borrowers. In this situation, your bad credit will result in a bad credit rating for the transaction, and a corresponding high interest rate. This is exactly what you are looking to avoid.Option two: Have "good-credit" buy the house alone, leaving "bad-credit" out of the deal. But then the mortgage would be limited to the amount that the income of "good-credit" can support. This means that you might not be able to purchase the house that you want and that would be affordable if both incomes were taken into account. Option three: Have "good credit" buy the house using stated income "no-income verification" mortgage. Then the mortgage amount would not be limited by the income of "good-credit" because the lender will not consider income in underwriting the loan. However, qualifying for a no-income verification loan requires that you put up a large down payment - probably 25 or 30% of the property value. Option four: Have a third party with good credit and income replace "bad-credit" as the co-borrower. Usually only a parent would be willing to play this role.Which way you go depends in large part on how much you want to spend on your house. The table below provides estimates of the highest sale price you can afford at different down payment requirements, income, and available cash. It indicates that the no-income verification option would limit you to a house in the $120,000 to $140,000 range because of the large down payment requirement. On the other hand, the income of "good-credit" alone, along with the cash from both of you, would allow a $340,000 house at 5% down. That looks like the way to go unless you want to spend more, in which case you must find another co-borrower. Again Source: The Credit Bible by Phil Turner.
My wife and I are totally disabled. We are on a fixed income. Military/ssn income. We had to foreclosure on a rental house,how is this going to affect our credit rating. Up to now we were in the 740 range?
A foreclosure will severally hurt your credit rating but you need to avoid using credit it costs you more than you can earn in the long run due to interest. Just save to buy what you want.
Can a husband who is unable to obtain a credit card use his wife's extremely good credit rating obtain a credit card on line without his wife's knowledge?
No, because when the credit card company access the credit bureau, they access the name who applies for the credit card, not the spouse's name. It's the primary cardholder who is fully responsible for the debit. If the wife gives her husband an authorized user card from her credit cards and the husband doesn't pay. The wife's credit card will be destroyed if she doesn't pay the debit (even the charges he makes) So make sure you both keep your credit cards separate so that you both maintain your own good credit histories. Especially (heaven forbid) you both separate/divorce
How can you get your owner financed mortgage payment reported to the big credit bureaus?
My wife and I financed a home from the owner and this home had a legal closing with a title company and everything is in our name. We pay the insurance and taxes which are in our names also. We purchased this home a little over 3 years ago and have always paid a month ahead and extra, but we need this to be reported to the big three credit bureau companies to raise our scores so we can re-finance. We are currently 17 points shy of being able to re-finance at a good rate. Please help. Thank You Curtis and Heather Brown savedvet@hotmail.com
Can you get a mortgage if you have about a 600 FICO score and your wife has around a 650 score?
If your credit score is low, your down payment could be increased to compensate for it. Your credit score, yearly income, past repayment history all factor in to a loan acceptance.
Can i let my x wife drive my car and make the payments and I not be held liable she can't get financed in her name because of her credit?
NO, if she cannot get the financeing she cannot be held liable. If you sign the paperwork you assume ALLliabilty.
Can your wife get custody of your kids if she has no income?
Yes. Income or not does not play a role on how a good a parent you are. And you will pay child support and there is also welfare.
If you have a credit rating of 580 and your wife's is 630 what kind of rates can you expect to get?
Um ... not a good one.
Is any of this considered earned income if you and your wife live on social security income and a small pension benefit but no labor is performed?
No. Social Security and Pension income are not considered earned income for the purposed of the Earned Income Tax Credit. This is not to say that you will not have to file an income tax return and possibly pay taxes. Depending on the amount of income you have and your filing status, you may or may not have to file a return.
Does your wife have to be on your mortgage?
No your spouse does not have to be on your mortgage but depending on the state, they must sign away their martial rights to the property because under the law, you are one! If you are looking for more info about the Mortgage process and credit check out The Credit Bible by Phil Turner. Below are some options for you.Option one: Buy the house together as co-owners and co-borrowers. In this situation, your bad credit will result in a bad credit rating for the transaction, and a corresponding high interest rate. This is exactly what you are looking to avoid.Option two: Have "good-credit" buy the house alone, leaving "bad-credit" out of the deal. But then the mortgage would be limited to the amount that the income of "good-credit" can support. This means that you might not be able to purchase the house that you want and that would be affordable if both incomes were taken into account. Option three: Have "good credit" buy the house using stated income "no-income verification" mortgage. Then the mortgage amount would not be limited by the income of "good-credit" because the lender will not consider income in underwriting the loan. However, qualifying for a no-income verification loan requires that you put up a large down payment - probably 25 or 30% of the property value. Option four: Have a third party with good credit and income replace "bad-credit" as the co-borrower. Usually only a parent would be willing to play this role.Which way you go depends in large part on how much you want to spend on your house. The table below provides estimates of the highest sale price you can afford at different down payment requirements, income, and available cash. It indicates that the no-income verification option would limit you to a house in the $120,000 to $140,000 range because of the large down payment requirement. On the other hand, the income of "good-credit" alone, along with the cash from both of you, would allow a $340,000 house at 5% down. That looks like the way to go unless you want to spend more, in which case you must find another co-borrower. Again Source: The Credit Bible by Phil Turner.
My wife and I are totally disabled. We are on a fixed income. Military/ssn income. We had to foreclosure on a rental house,how is this going to affect our credit rating. Up to now we were in the 740 range?
A foreclosure will severally hurt your credit rating but you need to avoid using credit it costs you more than you can earn in the long run due to interest. Just save to buy what you want.
Can a husband who is unable to obtain a credit card use his wife's extremely good credit rating obtain a credit card on line without his wife's knowledge?
No, because when the credit card company access the credit bureau, they access the name who applies for the credit card, not the spouse's name. It's the primary cardholder who is fully responsible for the debit. If the wife gives her husband an authorized user card from her credit cards and the husband doesn't pay. The wife's credit card will be destroyed if she doesn't pay the debit (even the charges he makes) So make sure you both keep your credit cards separate so that you both maintain your own good credit histories. Especially (heaven forbid) you both separate/divorce
How can you get your owner financed mortgage payment reported to the big credit bureaus?
My wife and I financed a home from the owner and this home had a legal closing with a title company and everything is in our name. We pay the insurance and taxes which are in our names also. We purchased this home a little over 3 years ago and have always paid a month ahead and extra, but we need this to be reported to the big three credit bureau companies to raise our scores so we can re-finance. We are currently 17 points shy of being able to re-finance at a good rate. Please help. Thank You Curtis and Heather Brown savedvet@hotmail.com
Can you get a mortgage if you have about a 600 FICO score and your wife has around a 650 score?
If your credit score is low, your down payment could be increased to compensate for it. Your credit score, yearly income, past repayment history all factor in to a loan acceptance.
What country was Da Gama's voyage financed by?
Vasco De Gama sailed to India in 1799 and opened the path to India.
Can you claim your wife if she has no income?
Yes
Would your husbands income credit score debt be taken in consideration if you want to buy home on your own?
If you wanna buy a home and you are married by your spouse has a bad credit history and some debt issues and its also self employed can the other spouse get a loan on its own without the bank taking in consideration his income or credit issues? Can the wife get the loan only on her name and buy the property only on her name. State WI
