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Dave Green Asked:

I just got married. My credit score is 795 while my wife\'s is 550. We are still a couple years out from house purchase but want to qualify at the lowest possible interest rate. Some have suggested that we buy the house in my name only. If we do so, how is income qualified? Should we be filing our tax returns seperately as opposed to joint? Thanks for your help. Dave [San Francisco CA]



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Answer Provided by: Preston Kenney [12/29/2008]

Hi Dave, If you are still a couple of years out from purchasing a home then I'd suggest focusing on improving your wife's credit as your primary focus. In the event that her scores are dragging your approvability down when you get to the point of purchasing, then you can remove her from the loan but you will not be able to use any of her income to qualify. There is no need to file jointly. We are able to deteremine your individual income without filing seperately. Good luck. Let me know when I can help. Sincerely, Preston Kenney 949-232-3364