How will Lender look at this situation??
My wife and I currently rent here in Hawaii and I am looking to buy and hold out of state where I am from.
Our current situation is I earn w-2 decent salary, same line of work for 16 years, same place for 10 years. My wife owns her own business and we used my credit to fund the start up.
She is currently paying off the debt at a good pace but will still take a year or so. She also does not have much income from last 2 tax returns, but her business is starting to grow.
My question is, if she transfers the remaining debt out of my name into her business (which is where it should be), can the lender look at just my income and debt? what about shared debt like our current rent? Can that be split?
I found a deal that is now owned by a local bank which is also a portfolio lender.
Any comment would be appreciated!!