Investor · San Jose, CA · Member since 2015 · 52 posts · 9 votes
Hi BP Experts,
Here is the scenario I am exploring and would like your advice.
My wife currently can't qualify to buy a property since she doesn't have enough in reserves. I have a brokerage account wherein the balance is enough to take care of the reserves requirements if that account can be considered.
If I add her as a joint account holder to that account, will that be enough for the balances to be considered in her D/I calculations. If yes, will that happen immediately or we need to wait for 2 months statements showing her on the account?
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
6y
@Rian Ash it sounds like you are talking about a conventional style loan (Fannie/Freddie) if it's a commercial loan let me know because the answer will be different.
There is a distinct difference here between Fannie and Freddie with this answer but basically you would need a statement to reflect her name on it. Freddie Mac would likely only need 1 month statement and Fannie Mae would likely need 2 months of statements.
So make sure you are working with a lender that offers BOTH Fannie and Freddie and will follow what we call "the findings" of the agency. No OVERLAYS here. But you will have to wait until her name is reflected on the account statement. Hope all of this makes sense. Thanks!