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Okay so here is the scenario, my wife and I are going to be looking for a home soon. My wife is a teacher and she is eligible for a program that is designed to give help to certain professionals towards buying their home. The problem is though is my wife is in a temporary job. She may still be eligible for the help, but I'm concerned about her getting on the mortgage.
We recently paid off some of her debt and the rest of it is just student loans, which are deferred because she is also in graduate school. I've been told by two lenders that they would probably would not hold that against us since she is in school, long term. So my major issue is, is it unusual to add someone onto a mortgage with no debt or no income? Do lenders consider this a risk to add that person or has anybody experience lenders who add them since the other person doesn't have debt?
Only issue that there might be is her credit. You said that you paid off her debt, were there any late payments? They will be looking at that as well as her credit score.
Only issue that there might be is her credit. You said that you paid off her debt, were there any late payments? They will be looking at that as well as her credit score.
Her credit score is okay. It wasn't good before but it's a lot better now. She had some late payments in the past, but when we had her credit pulled by a lender a few months ago, they stated the biggest issue she had was her debt, but we have paid that off now.
Okay so here is the scenario, my wife and I are going to be looking for a home soon. My wife is a teacher and she is eligible for a program that is designed to give help to certain professionals towards buying their home. The problem is though is my wife is in a temporary job. She may still be eligible for the help, but I'm concerned about her getting on the mortgage.
We recently paid off some of her debt and the rest of it is just student loans, which are deferred because she is also in graduate school. I've been told by two lenders that they would probably would not hold that against us since she is in school, long term. So my major issue is, is it unusual to add someone onto a mortgage with no debt or no income? Do lenders consider this a risk to add that person or has anybody experience lenders who add them since the other person doesn't have debt?
Unless you can prove that the student loan payments will be deferred for at least the next 3 years (no easy task), that debt would be counted against her.
Not unusual nor does it add any risk to add someone with no income. Actualy reduces risk if anything as there would be two people on the hook for the loan instead of just one.
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