Q&A: Does a mortgage loan go off of the single borrower or the total household income?

Posted on Apr 21, 2014 in Stated Income Loans

Question by windee1026: Does a mortgage loan go off of the single borrower or the total household income?
Only one will be getting the loan but there will be two incomes paying it back

Best answer:

Answer by Ace
Since the single borrower is getting the loan, this medicine the mortgage company will only use the income from the single borrower. The single borrower is signing the contract and is responsible for the loan. According to the mortgage loan contract the single borrower is the only person that agreed to pay on the loan.

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One Comment

  1. I’m not exactly sure what you mean by “go off of”.

    If two people are paying off a loan in one person’s name, make sure that the 2nd person (whose name is not on the mortgage) has his or her name on the deed to the property. These situations can be a legal nightmare if proper records aren’t kept.