Financing in Canton>Question Details

Tbryan23, Home Buyer in Acworth, GA

Do I have to put my wife on the mortgage, or can I just use my name?

Asked by Tbryan23, Acworth, GA Thu Sep 27, 2012

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Only the person the mortgage is on the hook for the payments, however you could quit claim her on the deed so that she owns the house but without being part of the debt therefore if you do not need her to qualify or if she affects you qualifying it is not necessary to put her on the loan.
1 vote Thank Flag Link Wed Jan 23, 2013
No you do not need to put her on the mortgage -- and if her credit is not great you may be better off NOT putting her on. But that means you have to qualify for the mortgage without counting her income. If you want her on the deed you can always add her later on -- if you have any other questions or would like to talk to a lender in our office email me at
1 vote Thank Flag Link Fri Sep 28, 2012
Good afternoon Tbryan23,

Your question begs answering by your Mortgage Banker who is Prequalifying you for mortgage financing. Only your Mortgage Banker can answer this question based on a detailed review of your Income, Assets, and Credit.

Trevor Curran
NMLS #40140
1 vote Thank Flag Link Thu Sep 27, 2012
No you do not want to put her on the Mortgage since her credit will come into play. If she wants to be on the deed you can always add her after the fact.
0 votes Thank Flag Link Wed Jan 23, 2013
The only reason I wouldn't want to put my wife on the mortgage, is because of her credit history. We've only been married a couple of years, and we're looking to get our first house. Before we got married, she had a dispute with her roommate and moved out without taking her name off the lease. She also had a cell phone bill that she did not pay. They were dumb mistakes by a college kid, but now it's coming back to bite us. I was just asking because our current lease is up in a few months, and we were hoping to take advantage of the current market. We can also wait until her credit improves though. Thank you all for your help and advice.
0 votes Thank Flag Link Fri Sep 28, 2012

You guys are not alone. We all have our mistakes and try to improve each day. When you consult a lender, they will let you know if your wife's credit score will be helpful to getting the loan or not. So, I would definitely speak to a lender and maybe a few lenders to shop interest rates. If you need assistance finding a great lender or the PERFECT home, please feel free to email, text, or call me anytime . -Valerie Corpora-Ellis, http://www.StefanIntRealty,com 770-262-8480
Flag Fri Sep 28, 2012
Tbryan - your question about getting a student loan needs to be run by your lender...any credit you get can have an impact on your ability to get a mortgage, especially if you do this during your loan process. As I said in my previous post, all of your questions are great and hopefully you have a mortgage broker you are working with to get the answers to these questions. Better to ask BEFORE you get into something than after!
0 votes Thank Flag Link Fri Sep 28, 2012
It is allowed in my area if she signs the deed and mortgage acknowledging the financing comes before any claim she has to the property. But, look internally first, there is a reason you don’t want to put her on the mortgage, most of the reasons I have heard over the past 20 years should cause you concern. Just because you can do something doesn’t mean it is in your best interest. So, I would ask myself the question, why do I not want her on the mortgage? Then, what could happen because of the answer to the previous question? Homeownership/debt isn’t done in a vacuum, there are consequences to every move you make, what happens if you succeed and her worst case scenario happens? ANY work around raises your risk factor a great deal, the mortgage guidelines protect you more than they do the lender. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Sep 28, 2012
I am also considering going back to school and pursuing my MBA. My employer will reimburse me after each semester, but I will need to get a student loan to cover tuition initially (roughly $3,500). Would this adversely affect my chances of getting a home loan, or possibly raise my rate? Basically, should I wait a semester to go back to school until I can get my home loan?
0 votes Thank Flag Link Fri Sep 28, 2012
Rick is sort of right. Some lenders, depending on what state they underwrite from, require the spouse be on the title, not necessarily the loan. If you throw a big enough fit, the shouldn't require it in GA, but I've lost that battle before, so jut ask.
Now, for example, you have a score below 600, the lender may still require her credit be pulled and used for approval. She doesn't have to be on the loan, but her score may still affect the outcome.
Please make sure to add her to your Will and Testament, if not added to title, unless you just don't want her to have a place to live should something happen to you.
0 votes Thank Flag Link Thu Sep 27, 2012
Not it is not necessary unless yo need her on the loan in order to qualify for the mortgage. You still have the opportunity to have her on the deed for ownership without being tied to the mortgage.
0 votes Thank Flag Link Thu Sep 27, 2012
I would say speak to your lender because everyones financial condition is different, but there is certainly no rule or law that says only one spouse can be on the loan. You are smart to ask this question now before you start your home search. Since all offers these days need to be accompanied by a mortgage "preapproval" letter, better to get that in place, then go and find your next home.

I would be happy to help you out. If you visit my website below you can sign up for FREE listing alerts from the MLS system. It is a great way to start your search followed up by working with a knowledgable Realtor that can help you find the right place AND negotiate a good deal.

Best of luck to you!

Rick Musto
Managing Broker
Buckhead Home Realty
"Serving the Atlanta Metro Area"
0 votes Thank Flag Link Thu Sep 27, 2012
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