Spouse Mortgage Qualifying Question

9 Replies

Brief summary: I am the only one on title and on the mortgage of our primary residence. I have rental properties under my name/with partners, my wife is on none of them. I am starting a business so I'm pretty well unbankable. She has zero debt and fair income - so we are looking at her buying the next property. But I have heard that lenders assume that a spouse has to contribute to the matrimonial mortgage payment - is this true? If yes, is there a rule on how much it would be as a percentage of the mortgage? Just trying to get an idea of how much she can qualify for on her own.

All spouses do NOT have to be on the matrimonial home. It can be just the one. So go ahead and connect with a Mortgage Broker and see what your wife can get approved for!

Originally posted by @Gabriel F. :

@Chris Habets

Hi there,

As a lender, is the asset going to be in your personal names, or an LLC?

 We're Canadian so we don't have LLCs here - but it'll be personal. With the intent of severing land to develop on in the future

Originally posted by @Roy Cleeves :

All spouses do NOT have to be on the matrimonial home. It can be just the one. So go ahead and connect with a Mortgage Broker and see what your wife can get approved for!

Yes, that's definitely the next step. She's not on the title or the mortgage for our house but I've heard she gets a debt ding for it anyway if she's trying to buy an investment home.

 

Most lenders do want to see a cost of living. Whether that’s rent or mortgage you are right, with the exception to living with parents.

I'm a mortgage broker. I'll do a little digging for you, see what lenders would not ding her. Do you know what her debt ratios would be if she was on your matrimonial home?