Posted on: 15th Nov, 2011 09:59 pm
My spouse and I are planning to buy a property on out own. Both of us don’t have a good credit and are trying to rebuild it. My wife has a good income. Now can we claim it as income without claiming her on the loan as her credit is worst than mine. Some of the realtors say yes and some say no. Please help.
Hi Shail,
As far as I know, you will have to mention her name on the loan if you want to show her income to the lender as a part of the your loan approval. It will be better if both of you can improve your credit score first and then look out for a loan.
Take care
As far as I know, you will have to mention her name on the loan if you want to show her income to the lender as a part of the your loan approval. It will be better if both of you can improve your credit score first and then look out for a loan.
Take care
to use her income, you must use her credit
sorry
sorry
>>can we claim it as income without claiming her on the loan
no
no
Hello shail,
Yes. If, unfortunately, she passed away during the tax year, there are special rules for that. You are best served by consulting a tax professional regarding that situation.
:idea:
Yes. If, unfortunately, she passed away during the tax year, there are special rules for that. You are best served by consulting a tax professional regarding that situation.
:idea:
