Refi my parent\'s home affect my ability to purchase my own home in the future?

[PNWskindoc]

So my wife is a SAHM who's name is on her parent's home, although they still make the mortgage payments. Her credit score has improved significantly since she first purchased the home and she now has an opportunity to decrease the mortgage rate by almost 2%. My question is:

1) Since my wife is a SAHM and technically has no income, would that affect her ability to refi? Or would they take my income into consideration as well?

2) If she does refi, will this affect our ability to get a favorable mortgage rate when we purchase our own home in the next five years?

Thanks!

[jfoxcpacfp]

I don't know the answer to your question, just want to know if a SHOM is like a SAHM (seriously, can't figure out the acronym).

[Hatton]

Stay at home mom

[jfoxcpacfp]

hatton1 wrote:

Stay at home mom

Click to expand...

That's what i use SAHM for, was curious about what SHOM stood for. Now it looks as if PNWskindoc edited acronym to read SAHM.

Or my eyes were playing tricks and it never said SHOM.

[PNWskindoc]

Yup. Not sure how I came up with "SOHM" haha. Thanks for catching that!

[Craigy]

What's going on here?

Your incomeless wife somehow owns her parent's house?  Is she a cosigner or something?

The lender will let you know what they want.  However I'd imagine they would want her to have some income.  Why don't her parents just buy the house, they obviously have the income to make the payments?

If she has no income, don't put her on your loan application.  And if you don't want her loan to show up on your application, don't cosign her mortgage on your in-laws house

But every lender is going to have their own rules.

[Craigy]

Ha!  Just saw this post was from September.  For some reason WCI forum is showing me old stuff in the recent topics.