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Mortgage  Question?
Can I use spouse's income qualify HomeReady mortgage?

I am self employed and earn little income. My spouse is the primary income earner but has a bankruptcy on his credit profile. Can I use his income to qualify for the HomeReady mortgage program?

Harry Jensen, Trusted Mortgage Expert with 45+ Years of Experience
, Trusted Mortgage Expert with 45+ Years of Experience

With a "standard" mortgage, you cannot use a spouse's income to qualify for a mortgage unless the spouse is a co-borrower. Additionally, in the case where two people apply for a mortgage, lenders typically use the lowest credit score among the borrowers to determine their ability to qualify for a mortgage. The HomeReady Program, however, has more flexible borrower qualification requirements. For example, income from non-borrower household members can be used as a compensating factor in determining a borrower's ability to qualify for a mortgage. So in your case you could potentially apply for the mortgage as a sole borrower and your husband's income, as a non-borrower household member, could be used as a compensating factor to help you qualify for the mortgage. There are guidelines that limit the benefits a borrower receives from including non-borrower household member income when you apply for the HomeReady Program so the most important qualification factor will be how much income you generate. Another positive aspect of the HomeReady Mortgage Program is that it has more flexible credit score requirements. We provide a comprehensive overview of the HomeReady Mortgage Program on FREEandCLEAR.

In the interest of providing direct feedback, my experience tells me that based on the information you provided it will be challenging for you to qualify for the HomeReady Program. But at FREEandCLEAR we never say never so our recommendation is that you review the resources outlined above and contact three-to-four lenders to discuss your unique situation and the HomeReady Mortgage Program.

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About the author

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR. More about Harry

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