Apply For Heloc Jointly With Spouse or Individually

[Alexander Crocker]

Hello all,

I have applied for a 85% LTV HELOC from PenFed Credit Union on a 4-unit multi family that I owner-occupy. I plan on using the HELOC as short term debt towards purchasing/renovating more real estate. After the newly acquired property is stabilized I would then do a cash out refi to recover my personal funds and pay off the HELOC debt.

I am having trouble deciding if it would be best to apply individually or jointly with my spouse. If we apply jointly we have a lower debt to income ratio and are able to borrow $220K. If I apply individually I qualify to borrow up to $170K but my wife's credit won't be affected. This could be useful when it comes time to refinance.

Any advice would be greatly appreciated.