Home Buying in Deptford>Question Details

dawnread77, Home Buyer in Deptford, NJ

When purchasing a home, will the mortage broker go by just my credit or both my wife and I?

Asked by dawnread77, Deptford, NJ Mon Oct 1, 2012

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It will depend on whether or not your income will qualify you for the amount of the loan you want to take. If you can qualify on your own, you will get the mortgage. If not, they will look to your wife. Most likely, whether you are on the mortgage alone, they will still want your wife on deed and title.
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Mon Oct 1, 2012
This also depends if you are buying the home in both of your names, then the bank may require both of you on the mortgage
1 vote Thank Flag Link Mon Oct 1, 2012
You have the option as to whether to use one or both, depending on your credit scores. There is no harm in checking both and only using one if necessary. However, you can only use the income of the person or persons whose credit score you are using.

I have several lenders that can help you decide. Let me know if you need their names.
Web Reference: http://www.gyleshomes.com
1 vote Thank Flag Link Mon Oct 1, 2012
Both as long as both credit scores qualify...
If one of you have less than qualified credit then only use the the better credit.

However if the one with good credit is showing all the income then that person's income cannot be used.

So you must have good credit and income... to be considered for a loan.

There are special programs for buyers that can help you get into a home in NJ
Some allow help with down payments and closing costs
others which allow repairs to be financed into the mortgage.
and some with no money down options...
and more...

Any further questions contact me.

Search foreclosures and short sale here: http://www.BuyNJShortSales.com

Search the MLS on your phone by Text: In the subject line on your mobile phone- LSAR1 -to number 87778 ... hit send... A GPS feature for listings at your finger tips

Larry Sarlo When you want it Sold Fast!
RE/MAX Preferred
609-868-1171 call / text / email 7 days
415 Egg Harbor Rd st 9 Turnersville, NJ 08080
1 vote Thank Flag Link Mon Oct 1, 2012
Hi, both of you unless one of you has less than desirable credit, in which case we can leave one of you off the mortgage, but still put you both on the deed. Only problem is they would only be able to use one of your incomes in that scenario. Let me know if you want to chat live.

Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
1 vote Thank Flag Link Mon Oct 1, 2012
Several factors could apply to your situation so the answer will vary. I'm currently working with a married couple where the husband purchased the property prior to their marriage so the wife is not on the deed or mortgage. As they attempt to purchase a new home it was determined that the wife only will be the named client on the purchase through the mortgage company. Since it will be a marital residence in NJ both have rights to each property where they live together.
0 votes Thank Flag Link Fri Dec 7, 2012
Hi:The mortgage Company will go by both but take the lowest of the two. So my suggestion is to get with a preferred reputable Mortgage Company that can make the determining factor or work with both you and your wife to both go on the mortgage together. Call First Prestige Mortgage Services, Inc 973-744-8300
0 votes Thank Flag Link Fri Oct 19, 2012
If both you and your wife work and you want to use your combined income to qualify for a loan, the mortgage broker will also need to use both credit scores. If one of you has less than stellar credit, you don't have to be on the application but you will also be unable to use that spouse's income to qualify.

Your mortgage professional will be able to guide you on the best way to apply. If you are not currently working with a professional, get in touch and I will send you a few names.

Best of luck,
Barbara Smith
Weichert Realtors
Direct: 609-980-7593
email: BarbSmith321@gmail.com
Web Reference: http://www.BarbSellsSJ.com
0 votes Thank Flag Link Mon Oct 1, 2012
Loans are always qualified by the lowest of all middle credit scores in cases where there are 2+ borrowers. Call me at 201-604-3485 with any questions.

Al Rapoport
0 votes Thank Flag Link Mon Oct 1, 2012
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