Hi good people,
I bought my first home last year and co-signed on the loan with my dad. My wife is on title for our house, but not on the loan. Does that situation make her liable for the loan in the eyes of another lender? If we purchase an income property will they deduct a portion of our house payment from her buying ability? We are keen to start investing in other, probably multi-family, real estate.
Also, we are considering buying an inexpensive used car or two on financing (Crazy I know, but change of employment means losing a company car for her, and my old VW is a reliability disaster and IRR shows it is a major liability). If we do this we don't want to effect our ability to get an investment loan in her name alone. I would put the cars in my name.
I think this is a fairly simple question, but I'm not sure if there's a universal answer for every lender.
Thanks for any help!
@Ben Richie She don't have liability of loan but do have liability for property taxes and insurance because she is on title. There are ways around it but all depend on your loan scenario. Keep the car loan your name to use her credit for max amount.