Alex Can my wife apply for a mortgage with my income?
When applying for a mortgage, you and your spouse can decide whether to apply together or not. If you both work, applying jointly allows your mortgage lender to consider both of your incomes. The USDA designed a mortgage loan program to make it easier for low-income families to buy homes.
What is considered income for mortgage?
The general rule is that you can afford a mortgage that is 2x to 2.5x your gross income. Total monthly mortgage payments are typically made up of four components: principal, interest, taxes, and insurance (collectively known as PITI).
Can a debt collector report a spouse’s debt?
Generally, no. The creditor or debt collector should not report your spouse’s debts to a credit reporting company under your name unless you: were a joint account holder; co-signed for the loan, account, or debt; or live in a community property state.
Who is responsible for debts incurred during a marriage?
If you live in a community property state: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin you may be responsible for debts incurred by your spouse during your marriage even if you did not cosign.
Who is responsible for paying off a deceased spouse’s debt?
If you were a cosigner or otherwise legally obligated for your deceased spouses debts. If you live in a community property state, you may be responsible for paying the debt with community assets, but you should consult an attorney to understand your rights and obligations.
Who is responsible for the mortgage in a divorce?
Start there, and work backwards. Until this happens, you and your spouse are both liable for the full mortgage payment each month. Imagine a scenario in which your ex misses a payment, loses their job, becomes disabled or dies. Do you think you’ll still be on the hook for the mortgage payment even though you are no longer on title to the property?