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Home >> Lending >> Home Mortgage
Can Husband Help with Mortgage?
I bought my house when I was single - now with a car loan and credit cards, my ratio to income doesn't look good. Can I add my husband and his income without a refinance?
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 You could offer to add your husband on the account, but what will it change for you? If you're not applying for any credit, your debt to income ratio is debatable, and if you apply for a new loan, you can apply jointly for that and your debt to income ratio will then be based on joint debts and joint income. If your current payment is somehow based on your debt to income ratio, you could make this offer.
Some lenders would accept the offer and say it doesn't matter, as their position is only improving. Others may say that he'd have to be qualified to be added. As an example, if he was in bankruptcy, they wouldn't want the mortgage to be involved, if he was a reservist the lender could get tied up in Servicemembers Civil Relief Act issues in collection and rate adjustments. Make this offer only if you believe it would impact your interest rate or payments, and then it may be a process you'll have to go through similar to when you qualified for your loan.
Published on BankingQuestions.com 8/28/08
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