Question Details

Tom Cueva, Home Buyer in Austin, TX

A mortgage broker told my wife and I that my wife would have to sign the mortgage papers even though we were -

Asked by Tom Cueva, Austin, TX Sat Jul 12, 2008

not using her credit score or income (she doesn't work) to qualify for a mortgage loan. Is this true? I have made various other purchases ( a couple of brand new vehicles a couple of years ago) without having her sign any of those notes. Seems like I should be able to do this with a mortgage note but have no idea if this is how things are on a major purchase like this. Can you sort this one out? Thanks

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The only reason I can think of that he would ask for your wife's signature would be that the combined fico scores brought your average up. Lenders take the middle credit bureau score and use that and if her scores are higher it could give you a better rate and they combine your income even if she has none.
0 votes Thank Flag Link Sat Jul 12, 2008
Hi Tom
You would think that after all this time a home could be treated somewhat like a car sale. Not yet buddy. In reality on loans for homestead properties (whether it has been homesteaded or not) a lender is going to ask the spouse to sign the note, despite that spouse not being on the mortgage. Why, because it makes the spouse as well liable for repayment of the note. I'm not sure if you know this or not, but anyone's signature that appears anywhere on the face of a note is liable for repayment, therefore why notes aren't notarized. I hope this was somewhat helpful.
0 votes Thank Flag Link Sat Jul 12, 2008
Maybe he meant that she would have to sign the note? If you are the one solely qualifying for a mortgage and have no need to use her income or credit then she does not have to be on the papers. I do this all the time and a vast number of sole income earners apply for mortgages themselves. The only reason she would be on it would be to help boost her credit rating.

Might I suggest that in the future, your wife be the one to purchase cars and other misc credit items and you be the one to get the mortgages. This helps keep your debt to income ratio low so that loan approvals run smoother.

Luke Allison
Flagstar Bank
0 votes Thank Flag Link Sat Jul 12, 2008
These guys almost have it correct. Texas is a community property state and, as such, the spouse is required by lenders to sign the DEED OF TRUST to perfect the lien (not the Note -as the note is signed only by those on the loan itself). The spouse is always on title, but not necessarily on the loan. If you don't need the spouse's income to qualify, you do not have to put them on the loan. However, always have to be prepared to have the spouse sign the DOT (even if in the process of a divorce that is not final yet). I have been in mortgage business in Texas since 1985. Hope this helps.
Flag Wed Oct 30, 2013
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