Posted on: 26th Dec, 2011 12:02 pm
OK, I think I am in a bit of a unique situation. I will try to just give the highlights that are most important:
I bough my first home prior to marriage (FHA) and now married 5 years am still the only one on the mortgage. We are looking to buy a bigger house outside the city, but:
I am a doctoral student currently with a private practice (mental health therapy) and at this point my education is qualified as a tax write off. With this huge write off, contributions to IRA, and business expenses, Ive made under 10k last year. Including the mortgage in my name, my income is nil.
My wife makes mid-50's a year, we both have really good credit (only student loans and a mortgage, ZERO credit cards or cars). With all our debt in my name, is it best for her to just try for a mortgage in her own name?? What would be the best way to handle this?
I bough my first home prior to marriage (FHA) and now married 5 years am still the only one on the mortgage. We are looking to buy a bigger house outside the city, but:
I am a doctoral student currently with a private practice (mental health therapy) and at this point my education is qualified as a tax write off. With this huge write off, contributions to IRA, and business expenses, Ive made under 10k last year. Including the mortgage in my name, my income is nil.
My wife makes mid-50's a year, we both have really good credit (only student loans and a mortgage, ZERO credit cards or cars). With all our debt in my name, is it best for her to just try for a mortgage in her own name?? What would be the best way to handle this?
Hi jzane!
Welcome to forums!
As you have mentioned that your wife has a good credit as well as income, she can definitely try to get a mortgage solely in her name. She can contact the local lenders and apply for a mortgage in order to buy a new property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you have mentioned that your wife has a good credit as well as income, she can definitely try to get a mortgage solely in her name. She can contact the local lenders and apply for a mortgage in order to buy a new property.
Feel free to ask if you've further queries.
Sussane
You will be able to add back some of the write off to your income, depending on how the CPA took your deductions. You would be best to try in one partys name only, and if you need more income, then you can try to add your self as well.
Chris, I feel you in what your message is about in a general sense, but this is a situation in which Mr. cannot be obligated on a new FHA loan while still obligated on the current home under an FHA loan. Perhaps you missed that portion of the discussion.
