Spouse with one mortgage, adding me as co-borrower would it hurt me if I apply for a mortgage?

Im assuming you need to be added onto the mortgage for income qualifications? Have you been making the mortgage payments either from your account or joint accounts?

If you get added onto the mortgage then you are considered to have ownership interest in the property. The Uniform Residential Loan Application does specifically ask whether you had ownership interest in a property in the last 3 years and if you did then you would not be considered a first time buyer from the bank. And the mortgage on your credit report will show you own.

As far as future purchasing power, it will depend on many factors. You can feel free to email me to go over scenarios. sunny.hong@bankofamerica.com

are you being added to the house? Why would you sign on to the debt without the equity?

Shong is a mortgage broker and can answer you pp question, but from a legal debt obligation position, you should understand what you are getting into and why....
Good luck.

Manhattanfox:
Thanks for your reply. If I am added as a co-borrower I would be added to the deed as well.
The question is more on my future purchasing power and interest rates I can get after that move.

Thank you.

shong is a good person to answer that question for you....Good luck.

Being a co-borrower will affect your purchasing and investing power. Even with a limit on your monthly obligation, you would still be fully responsible for the debt based upon your debt ratios. You would most likely need to apply with your spouse for a future mortgage for investment to meet the debt ratios.

If you are going to be a co-borrower,then when you apply for a loan on another property, your payment on your spouse's property is counted as your debt. Therefore this affects your debt to income ratio and this affects your borrowing power. Of course if your income is very substantial, you will still be able to purchase the property.

Repayment of a mortgage looks good on your credit.

For more info, e-mail me at esfundingco@aol.com or go to my website: www.esfunding.instantlender.com

Luis5acc: yes, you are right. Most likely I would need to apply for the new mortgage with my spouse.

Streetsmart: What you said makes sense.

A little bit more info: my wife's property is a multi-family. If she manages to refinance and rents the whole building (we are living in one of the apts now), the monthly rental income would be twice as much as the new monthly principal interest. Would this be a big plus when applying for a new mortgage?

Thanks!!!

Any more thoughts on this?

Of course it would be a big plus. First your new mortgage application would be for your primary residence. And of course you have that added income.

Thanks Streetsmart!