mortgage/co-op question

no

no,but you might have to sign a document stating that you are responsible for the payments if he is unable to pay(know a case where husband took a loan,wife had to sign this for the coop)

No.

But the board is going to want financials on YOU too.

the board will run both of your credits for their review and will consider you both. i would not expect having a mortgage just under his name will be an issue. the only issue could be is that they may/will want both of your names on the stock certificate and that can be an issue with the bank.

That's exactly the kind of situation I would spin in the cover letter: "Due to Joe's higher credit score because of [his longer credit history/lack of grad school debt/etc.] we are taking out the loan under his name, but I, Mary, would like to present to the board my strong financial character as an excellent saver" [or whatever].

My philosophy is always that if it occurs to you that it might be a shadow, go ahead and address it.

ali r.
DG Neary Realty

"That's exactly the kind of situation I would spin in the cover letter: "Due to Joe's higher credit score because of [his longer credit history/lack of grad school debt/etc.] we are taking out the loan under his name, but I, Mary, would like to present to the board my strong financial character as an excellent saver" [or whatever].

My philosophy is always that if it occurs to you that it might be a shadow, go ahead and address it."

***

You can't put lipstick on a pig. (Well, you can, but don't expect the board to recognize it a anything but lipstick on a pig.)

depends on the specific coop and on the banks. Especially these days some banks require that all names on the proprietary lease must be on the loan documents, so check this out with the banks you are considering in advance.

I think more info is needed. Circumstances regarded why you have a lower score, and just how much lower it is, would be of interest to me were I to be sitting on your admissions committee. I also think it is worth exploring through your RE agents and the building management agent and the seller what concerns, if any, the board might have about the situation of only one name on the loan and how you might address those concerns. This is all going to come out anyway, so why not just start to resolve any issues now.

As someone above said, many coops will want you both on the share certificate, and if so the bank is going to want you both on the loan. I doubt putting you both on the loan will affect the ability to get it or rates. Either obligor is liable for the full amount, so adding you, low scrore or not, is just one more source of funds.

mthom, can your husband afford to buy the apartment on his salary alone, or will you be using your combined income to qualify for the apartment?

If so, you can't have it both ways -- if both spouses are sharing the burden of paying for the apartment, we need to see a complete financial picture from both parties.