Apply income without being on the loan?
Is it possible for my husband to use my income without putting me on the loan? I was out of work on disablility for several months and fell behind on some items. They are all caught up now but I don't want my score to hurt the rate he would receive alone. We are thinking the extra income could help get an even lower rate or allow us in a little more home for our family. Thanks in advance for your assistance. by ms.san_692_932 from Baltimore, Maryland. Nov 7th 2012
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
There are no conforming conventional finance programs where you can add the income from someone who is not going to be on the loan. NONE!!.. Under USDA, all the household income will be used to determine the USDA maximum income eligibility; however it is not used to determine your debt to income ratios, so it won't help get you approved if the main borrower has low income... All other programs, the income can only be considered if you're on the loan... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
no you need your income for the loan, you have to be on the loan ... linda yourloanpartnerforlife@live.com
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
Sorry, can't count your income unless you are also on the loan. Income shouldn't affect your rate much if at all, but it will affect the amount of a loan you may be able to get. Check out my blog on this site "First Steps". I'd be pleased to work with you: pdumouchel@primelending.com or 843.619.6025 Let me or another good loan officer work with you to help evaluate your options - you may be surprised!
Scott Kinne (Skinne)
#27 ranked lender in Virginia - 74 contributions
Just to confirm the other answers already posted, we cannot count income from an individual who is not on the loan. Do you know your credit score? Maybe it's not as bad as you think and you may still qualify to be on the loan. Depending on the loan type and amount you need, your minimum credit score needs to be 640+ usually. I hope this helps. Good luck!
Derick Condron (rightstartoregon)
#30 ranked lender in Oregon - 598 contributions
No for your income to be on the loan you will have to add yourself to the loan. Depending on the loan program you are looking to get the extra income probably will not make much of a difference in the rate. Most of the time the rate is determined by the lower credit score not the total Debt to Income
There are no loan pprograms that allow what you are asking for. However if you are a first time home buyer the Maryland CDA program may be right for you. In many cases the interest rate is below market and you can get $5,000 from the state to be used towards your down payment/closing costs. If I may be of assistance give me a call. Gordon Haraway 301-938-1655
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