Home Buying in 30165>Question Details

David, Other/Just Looking in Rome, GA

my checks are deposited into my wifes account. how can she use this to increse her loan size for a home purchase?

Asked by David, Rome, GA Mon May 7, 2012

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She can go conventional and put down that amount. For exanple: Let's say she has $50K in the bank and qualifies for $100K. She could talk w/her mortgage person about going conventional, show them the $50K in savings and ask what amount can you go up to. My guess would be$125K+
0 votes Thank Flag Link Mon May 7, 2012
She can only use your income for additonal funds for cash to close. Unless you are on the mortgage with her, your income cannot be used for qualifying income for her. She can only use her earned income for that.

She would need to get Pre-Qualified to see what her exact options really are.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Mon May 7, 2012
Are you saying your paychecks are direct deposited into your wife's account, David? She cannot use that as stated income, but can likely use it to increase the size of the down payment, which might increase the loan size. Please check with a mortgage lender for clarification. Good Luck!

Michael Hammond


0 votes Thank Flag Link Mon May 7, 2012
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