If you found this post, you have a very specific question, and the very SHORT answer, is PROBABLY.
Exactly what type of mortgage you get, is a slightly more detailed answer!
VA LOANS: VA says that if you are going to purchase with another person they will recognize legally married spouses of qualified veterans as co-signors on VA loans. Otherwise, the other person on the mortgage loan must be another qualifying veteran. For more information on this VA guideline, please click here.
USDA: The Rural Development program of the USDA (the housing program for rural areas) uses household income to qualify. They do NOT have a guideline that says you must be legally married for the spousal income to be considered in qualifying for the mortgage. It’s an important piece of the puzzle when qualifying for a USDA home loan. Because USDA is looking at overall “household income,” you might have someone in the house who is contributing to the groceries (for instance) but not on the mortgage. For QUALIFYING purposes (meaning to see if your are OVER the area guidelines) it can put you over the limit. For NC guidelines for USDA mortgages, please click here.
FHA Mortgages: FHA does not have maximum income limits like USDA… and they qualify folks based upon the income of those who are going to be on the mortgage. The people on the mortgage do NOT have to be married. FHA also allows NON-Occupying co-borrower. ( This program is also referred to as “Kiddie” Condos.”) The NON-Occupying co-borrower / mom, dad, sister… needs to have adequate credit scores, reserves, income to qualify WITH the borrower. You lump all hte debts, all the income and qualify together. Remember, under FHA guidelines, Non-Occupying co-borrowers will NOT be considered a compensating factor for someone iwth poor credit (unfortunately).
If you are considering a home purchase in NC, and want information regarding Government Financing options, please call Steve and Eleanor Thorne, Connect With Us on Facebook, 919-649-5058.