If your wife has no credit history putting her on the loan will not help you.
If you have stronge enough credit and meet the income requirements you should get the loan in your name only. This will ensure you get the best prevailing rate and terms.
Even though your wife will not be on the loan she can still be on title for the property.
Best of Luck to You.
Kawain Payne, Realtor
It also depends on your credit, income stability and the amount of down payment. We have a 'Pay Advantage' program with lender paid mortgage insurance which may work for your situation. I am real estate and loan broker and I can help you navigate through the scenario.
If you can qualify for what you want individually, I would say, qualify by yourself. If however you need her income to help qualify, see what her credit score is and go from there. Your mortgage lender should be able to advise you as to which is more advantageous for you.
This is a valid question and one I have encountered on several occasions. First, as others have suggested, this is a situation best answered by a knowledgeable loan officer. That being said, I had some clients who moved to the United States from Europe. They arrived with no credit history but they did have jobs and cash for the down payment. The lender suggested they get a few credit cards, use them, and pay them off in full each month. In a few short months they had established enough credit history, and they had been working at their jobs long enough, to obtain a mortgage. I hope this helps. If you would like further assistance, I would be happy to help.
John Aaroe Group
best of luck,
Gina M. Labellarti
Realtor- Coldwell Banker Dynasty TC
9228 Las Tunas Drive, Temple City, CA. 91780
(626) 215-4462 Cell
(626) 287-9043 Fax
License # 01509425
Do not ruin your chances to buy a home; we all feel the need to help our families, however, there are times we have to think logically and do what is best for us. Yes, your chances will be limited by having someone with no credit history on your loan.
You may still speak to different financial professionals to feel you are doing the right option, though; you will end up paying for your sentimentality. When you have to go to the process of buying a home, you need good information. Good luck on your search to buy a home.