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Tulsa Mortgage : Podcast 36 – Part 2

Tulsa Mortgage Steve: I’ve just found that over the years, because we’ve done plenty of this where that’s the case, and it’s always like, when the wife’s on the hook for the loan, She’s like, “You better not leave me.” [chuckles] I’m on the hook for this loan and I say, “Well, you know, the good news is he owns it just as much as you do. You just tell me when you’re all going to make the payments.”

Now, if she wanted to or he wanted to take the property or do something with it, he’s going to have make the older payment, it’s not like he’s not obligated, because somebody is going to have to pay for it. If something happens to her, it’s going to have to be paid. The other thing that happens, maybe you don’t have a spouse. Maybe it’s a boyfriend, girlfriend, best friend, somebody that you’re trying to qualify for a house with.

Tulsa Mortgage If you have a person in your life that would co-sign for you on a car, and they will co-sign, or we call, “be a non-occupant co-borrower on a mortgage,” then you could potentially have some income added to your own application to help you qualify for more than what you wanted. Right Tyler?

Tyler: Right.

Steve: What else? You see anything interesting? What I’ve put down there?

Tyler: I was laughing at it.

[laughter]

Tyler: A spouse, who brings love and happiness into your life, may also bring all those late payments in Nordstroms.

[laughter]

Tulsa Mortgage Steve: Nice, they had to pick Nordstroms out of there. Nodstroms must have been around for a while?

Tyler: Yes.

Steve: That’s funny. Then it says, you can’t erase this information when applying for a home loan together but you can leave the spouse off the loan application if you can qualify by showing you are able to afford the Nodstroms bill even though it wasn’t yours before you got married.

Tyler: That’s kind of inaccurate.
Steve: Yes. So again, we have a book that we reference from time to time that’s just kind of like a basic mortgage knowledge and information and it’s really a good book for — this is good. This is one of the things that people say, well, for all intents and purposes instead of all intensive purposes. It’s a decent book but just like anything there is misinformation everywhere like I’ve got to qualify for Nodstroms payment that’s on my spouse’s current report who is now on the loan, not correct.
Tyler: No.
Steve: If it’s not on your credit and your spouse isn’t on the loan, then you are not going to have to qualify for the payment. It’s not yours.
Tyler: Right.
Steve: So sorry. If someone tells you that, they are wrong. They don’t know what they are talking about because it’s actually not the case at all. So be careful Tulsa Mortgage about getting information from people that’s not right. I mean honestly just not accurate, it’s just not accurate information because there’s a lot of good information out there and then there’s lots of information that’s not good, that’s kind of like crap, you know what I’m saying?
Like you meet the love of your life, you get married and you are going on with life and you decide, “Hey I think I want to buy a house honey, let’s buy a house” and then Tyler says, “My credit is messed up.” [laughs] What? How’s your credit messed up? In college, first USA gave me a free t-shirt if I applied for a credit card. They used to do that by the way. They used to go to football games and they would say, “Hey apply for a credit card you college students, it’s 19, and here is a free t-shirt.” Are they crazy?
Tyler: Great motivation to get a credit card.
Steve: And kids would do it. I say kids, I mean these are adults. They are just like 19, 20, 22.
Tyler: You’ve got a 19 year old buying a house right now.
Steve: Yes we do don’t we? Anyway, don’t apply for a credit card to get a free t-shirt is the point but I just don’t think if that’s your motivation for getting a credit card it’s probably not a good idea. But honey I messed my credit when I was in college and that’s what just happened. A lot of that stuff gets revealed when — it’s very interesting to say the least because we hear all kinds of stuff like, “Hey when I applied for this mortgage under me and my spouse is she going to see or he going to see it in my credit report because I don’t want him to know about this Victoria secret account that I have that’s got $6,000 on it.”
Tyler: Sounds like something that actually happened.
Steve: Yes.
Tyler: I might have known that person.
Tulsa Mortgage Steve: Yes. And then we had one that was like, “Hey, do you need my bank statements too?” I’m like, “What do you mean?” “Well I kind of have this account where I have $15,000 in it, you know, you never know. But my husband doesn’t know about it.” And I’m like, “You are a bad person. If you are hiding $15,000 from your husband, I’m sorry but that is not cool.” So there is stuff that’s found out I’ll just tell you through the loan process because you fill out a loan application, we call it a 1003, and we list your income and your assets and your liabilities on that.
If your spouse is reading there 1003 which you are also on and they see that you have a Bank of America account with $15,000 in it, it might raise a question. So it also raises a question with me with my own wife when I get home that day. “Honey, please tell me you have an account with $15,000 in it that I don’t know about and let’s go spend it.” On one hand I’ll be kind of like, “Good for you babe, you saved some money.” And on the other hand I’m like, “What are you doing with that? What are you planning to do?”
Anyway, just everybody comes into a relationship with maybe some baggage and some stuff that’s there and some of them come in with a bunch of money in the bank and good credit and some come on with bad credit. If you have a spouse, that’s what we are talking about today, that you are trying to get a Tulsa mortgage and they have terrible credit but you have great credit, there are still lots of options for you and it may not be ideal, that’s what we tell people. It’s not the ideal thing but it might be in order to get you into your house or get you that loan or get you whatever it is you are trying to do now.
It might be a good option for you to get done. But it doesn’t mean that later when your spouse’s credit is cleaned up, when you fix things, when they are having or whatever it is that the issue is, that you can’t either on your next house that you purchase put them on the loan or if it makes sense and you need to refinance the loan and get your non acumen co-borrow off and get your spouse on, then you can always do that.
And as we said before, don’t worry because if your spouse isn’t on the loan it doesn’t mean that you can’t put them on title. It doesn’t mean that they can’t own the home just as much as you do. So that is the episode we are talking about today is I have a spouse, they have messed up credit I can’t put them on the loan, what are my options? So the flyover is if you can’t use their credit you can’t use their income, period.
The second thing is if you can’t use their income and you can’t use their credit, you do have options because you can get non-acumen co-borrower and you can get somebody whose income you use to help you qualify for a loan. So don’t give up if you’ve got a spouse who has messed up credit or some kind of issue that doesn’t allow them to qualify for a loan.
Get with the Tulsa Mortgage Company or Tulsa Mortgage banker; they can advise you on all of your options and all the loan programs that are out there. I’m Steve Currington and that’s episode number 36 of the Steve Tyler Show. Tyler, we are out.
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