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Thanks for the Answer. Few more follow-up questions
1. We live in Florida. I just want to make sure that my brother's income who lives and works in Ohio will be counted in gross annual income calculations
I know some states have law that the income is only counted if the co-signer lives in the home that is being financed.
So please confirm and let me know.
2. Also my wife started back on her job after our baby in July 2012. She was home for the baby for about 1.5-2 years before that.
Is there any requirement that the mortgage applicant has to be employed for last 2 years continuously
3. The house that we live in is facing foreclosure. The loan is under my name alone but the property is under my and wife's name. Will that create any problem when applying for new home loan under wife's name alone?
4. I know my credit will not be counted because the loan which is facing foreclosure is under my name but is there any way my income can be counted in the new loan?