However, you should consult a tax accountant and an attorney for advice.
You can also google this for more information. This webpage e.g. has some information:
The way you take title will have an effect to what will happen if one of the spouses passes away.
In your case, since your wife is a non-resident alien, this complicates the matter, since I believe there are gift/estate tax differences between US nationals and non-resident aliens.
Check out the big accounting firm websites such as KPMG, etc. They usually have publications that talk about these issues for foreign investors.
Elk Grove, CA
You can purchase it with both names but only put one name on title. Even then, with California's community property laws, you're both owners.