When to add your significant other, husband or wife onto your Minnesota Home Loan application
I have seen when a Minnesota loan expert talks to someone about applying for a loan one thing that can come up is that the buyer has great credit and they want to add their spouse onto the loan, but then you find out their spouse has bad credit and that doesn’t look good in front of the underwriter.
Then you have a common scenario where someone is looking to qualify for a loan, but they don’t make enough to qualify for a starter home, so a spouse, boyfriend or girlfriend, husband, wife, or significant other is added onto the loan application.
The lender then sees both guaranteeing the loan and would look at both debt-to-income ratios of income and debt liabilities, bills, etc.
Many of today’s starter homes of $300,000 are because of two solid incomes so many need that just to compete with the other offers out there. The better person score is going to help with the best programs and interest rates.
Sometimes the Spouse is the one that can apply for the VA loan for easier qualifying. You’ll need the award letter and some other specific info for VA.
For those concerned about the ownership you’ll want to check with your local Minnesota title company as they can explain how marriage ownership quit claiming someone off a deed etc works.
Your obligation to pay a loan back and ownership are two separate things in real estate. You can google And research this also if you’d like.
Before filling out the loan application talk to a professional loan person about how to fill it out online with both peoples information. Connect with me live on messenger chat and I’ll connect you.