Hi. Should I try to pre-qualify for a loan by myself or with my spouse? We already have a mortgage under both our names in Texas. We would like to buy multi-family in Arizona. I’ve heard you can finance more properties if mortgage only has one person on the loan. Thanks.
Rental Property Investor · Olympia, WA · Member since 2017 · 234 posts · 83 votes
4y
If you can qualify individually: One person.
Every. Single. Time.
Usually, your mortgage guy will tell you to do joint loans...because it is easier for them.
I wish I had put all of the loans in my name when I was W-2. I had a great income from my job, and her income was not necessary for the loans. If I had, my wife's credit would be squeaky clean from debt. It would leave her wide open to get loans in just her name with her W-2 later on.
It just gives more future flexibility.
(You are also correct about the federally insured loan limits. I believe you can each have 10.)