Can I buy my husband’s income in a house so I have no income, but left his name on the mortgage?

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My husband and I bought a house 4 years ago, but my name is not on the loan. I am eligible for the programs first time home buyer does not come back, because I’m staying home. I can back from my husband for a mortgage without his name on the loan obtained for the first time home buyers eligible? Is this legal? My name is not on its current credit score no credit at the time of purchase. (We’re still married) Just to clarify this …. the second mortgage will be paid by my husband and I realize that it is responsible for all expenses. However, we will do our current house for rent (additional revenue). The only reason we are trying to avoid his name may be “I” for a benefit of homeownership programs. After all …. I have not bought a house and why the possibility simply because they did not use my name be withheld on the first mortgage? (The house is looking for me, if something were to happen and it would be reversed with a second home) I’m not participate in any sort of fraud or illegal means to obtain a loan. I’ll be in “stated income” how to check one or two that you mentioned! Thanks for your help!

  1. Reply
    May 2, 2011 at 3:19 am

    You must have your husband’s name, how else whould they check income?

  2. Reply
    May 2, 2011 at 4:14 am

    you answered your own question its your husbands income not yours illegal to use it as its not your incnome

  3. Reply
    May 2, 2011 at 4:34 am

    The source of your income must be identified to qualify for a loan, so you would need to put his name on the mortgage

  4. Reply
    May 2, 2011 at 5:06 am

    That would be fraud! Also, the Title Company would not allow it.

  5. Reply
    She She
    May 2, 2011 at 6:02 am

    Ask your loan officer….If your score is high enough you should be able to do a “Stated Income” loan and then he would not have to be on the loan…But you will probably pay a higher interest rate…May not be worth it in the long run…And you may not be able to do it at all…You should be able to ask a loan officer for free…ss

  6. Reply
    May 2, 2011 at 6:34 am

    Yes ~ I did last year. You can claim it as “stated income.” It basically means that you give an amount to what your monthly “income” would be and they take your word for it. The only down side is that you will have to pay a higher interest fee. It worked out in my favor so ask your Realtor about it, they helped me with mine.

    Good luck and have a great day!

    PS ~ … and NOOOOO it’s NOT illegal. I know you don’t know me, but I PROMISE it is legit. I did it and in fact, my Realtor advised me to do it because I wouldn’t have been able to get the house without doing “stated income.” Check into it and please know, it IS legal.

  7. Reply
    Miss V
    May 2, 2011 at 6:57 am

    Leaving his name off the mortgage may not relieve your husband of a responsibility to pay the bills when you’re unable to. Besides, when the lender pulls your credit, both of your information will come up. How do you plan to pay for it at closing? Are you moving?

  8. Reply
    May 2, 2011 at 7:45 am

    I don’t know what type job you would put down that you could say was generating this income that everyone want to use as a stated income program.

    You may state an income, but the next thing is how are you generating this stated income? My answer would be you would have to some how prove that you were in a position to prove you even has a position outside the home.

    Now if you and your husband plan to use your current home a rental that is good, your husband can still qualify for a home loan as a owner occupied property. You guys have to present a rental contract concerning the home you are presently living in.

    You should be able to go on the mortgage with your husband, if that is important to you. Since you have no debts your credit score would or should not harm the application.

    You can not use your husbands income to get a mortgage without him being on the mortgage.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  9. Reply
    May 4, 2011 at 2:17 am

    I dunno wat country u guys are writing from saying it’s fraud to use your husband income as your own. I can tell you for sure that in the u.s. It’s perfectly legal, as a housewife is supplied and provided for through her husband. Presumably and traditionally the husband gives the wife an income to take care of herself her home and her and her childrens needs- this is her income! In many cases, such as mine, the wife is in control of the finances as yet another household duty, making sure that bills are sent out and finances are kept in order is something my husband really values me for, he hates dealing with this and that after a hard weeks work! I purchased a condo in 2010, without a job, because my husband stated that I received from his income. That’s what happens when your married…the money doesn’t belong to just one person but both partners! I mean at least that’s how I was raised, I wouldn’t keep a penny from my husband and vice- versa. Of course he put his income as mine! I take care of his home and kids!!! Were married!!! What is going on here????

  10. Reply
    May 4, 2011 at 2:21 am

    Oh and no, his name is not on the sales contract, I bought it out of state, so all They had to do was verify he was sharing income with me and that it was enough to make the purchase, thus verifying his tax statements etc. I suppose it is at the loaners discretion?? Hope that helps.

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