Running out of Fannie Mae loans - is it possible to get non-working spouse qualified?

2 Replies

Is there any way to attribute rental income to my non-working spouse enough to get her qualified for Fannie Mae loans? Her credit score is ~800 but she is a homemaker with no W2 income.  Should I spend any time looking or just accept that we're going to be dealing with portfolio loans once I use up my 10 Fannie Mae's?

I've already been told "no"by at least one investor-friendly mortgage broker. 

I would talk with a broker. That being said, she would need enough profit on the homes, for her to be able to qualify for another home. The issue you might run into issues if she is on your primary house, because she has to carry that AND the rental + Qualfiy for the next one. 

I would' stay impossible without knowing your numbers but VERY challenging! I am working as much for the W2 income as I am the down payment money!

@Doug McLeod   Here is an idea. If you have positive cash flow properties, setup LLCs for those properties. Have your wife be a managing member for the LLC. Her job will be managing the rental properties.

The LLC can pay wife for property management. Accountants can generate W-2 for her pay. Lenders will look at two years of W-2 income to qualify her on the conventional loans. If the property is in her name, she can get cash out refinance loans after two years of W-2.

Just my 2 cents.

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