When should You add my significant other, husband or wife onto my Minnesota Home Loan buying 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 that their spouse has bad credit and that doesn’t look good for qualifying with the underwriter.
A common scenario is where someone is looking to qualify for a Minnesota home loan, but they don’t make enough Income from their job 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, which is less risk to the home lenders and would look at both debt-to-income ratios for both income and debt liabilities, bills, etc.
Many of today’s Minnesota starter homes starting at only $300,000 can find a household of two solid incomes that could qualify, but rarely with one. You don’t want 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.
A Minnesota owner financing contract for deed program exists click here
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