Will we be able to use my wife’s income to qualify?

Question

Hi, I have been working at the same company for ten years but my wife just started working two months ago. For the two years prior she worked here as an au pair and after we got married she received her green card and got her first job almost immediately. She has only been working for two months. She does have good credit and has paid taxes for the last 3 years. Will a lender let us use her income when qualifying for a mortgage or will we only be able to use mine?
We want To owner occupy a multi family property so having her income too will really help to qualify.

Thanks!

Devin Peterson · Answer

Yes, you will be able to use your wife's income and your income. As long as you can verify a 2-year history of work/employment in general - then any new source of income can be used.

Caroline Gerardo · Answer

Start depositing all income into one bank account, a bank statement loan may work for you.

Ron S. · Answer

As long as you can document two years of work/income, yes (All things being equal).

Andrew Freed · Answer

@Nicolas Dupuis - She need two years of income / tax history to utilize income from a new job. It is typical though. I've even seen lenders utilize college as two years of work history instead of taxes filed so you never know until you apply and put the cards on the table. I see you are looking to invest around Worcester, that is my market. I did exactly what you are looking to do. Happy to provide a few lenders or contractors if you need any support. Let me know if I can help in any way.

Will we be able to use my wife’s income to qualify?

Will we be able to use my wife’s income to qualify?

Most Popular Reply

4 Replies