Home Buying in New Jersey>Question Details

Jmurph, Home Buyer in Mount Holly, NJ

Can you get a mortgage with just one spouse's name on it in New Jersey?

Asked by Jmurph, Mount Holly, NJ Wed Apr 22, 2009

My husband and I are renting but want to buy a house. I am laid off at this time and have a fair amount of debt... and my credit score is only considered fair at 679. My husband has a fair amount of debt too and a score around the same as mine or a little higher, but he makes good money (85K/yr.) and has a steady job/income. We'd like to only use his income/debt/credit score to see if we qualify for a mortgage, but is this allowed in New Jersey if we are married? Will they take my credit score/debt and low income into account if we go for a mortgage? I read a lot of different answers for other states but need to know about NJ's regulations.
Thanks in advance for your advice!

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Answers

3
You do not have to be on the mortgage loan. You will still be on the title to the property. In fact, I have some clients who prefer purchasing property this way. For example, one spouse might have all or most of the debt transferred to his/her name, thus raising the income-producing spouse's credit score.

This might be something to consider, since you may a big break on mortgage rates (depending on the type of mortgage you are seeking) if your husband's score jumps over 700. It is often fairly easy to accomplish this.

I have been in the mortgage business for 15 years, and if you would like me to take a look at your credit report and discuss various "out of the box" solutions as well as straight answers to your basic questions, call me or email.

Ruth Bonapace
mortgage professional
ruthbonapace@gmail.com
201-741-5269
0 votes Thank Flag Link Thu Apr 23, 2009
Jmurph,

The most upfront, honest, tell it like it is mortage consultant I have found is Dawn Benedickson. She can be reached @ 732.259.6077 (mobile).

While I am sure Jeremy (who responded earlier) is also a good rep, I always recommend that my clients speak to more than one rep.

Love and Peace,
Francesca, Realtor, ePro
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Wed Apr 22, 2009
You can use only one spouse income. Then depending on the debt of the other that will determine how much you qualify for. The mortgage or note is the agreement of who is going to pay. It has nothing to do with how you accept title. Nonetheless it seems as if the home will be the primary marital residence. if you will like to know what you qualify for feel free to give a call.

Jeremy S. Hill. Mortgage Consultant
Aurora Financial Group, Inc
609-876-5817
0 votes Thank Flag Link Wed Apr 22, 2009
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