This topic contains 0 replies, has 1 voice, and was last updated by Anonymous 7 years, 8 months ago.
- February 6, 2012 at 12:06 am #242701
This is a strange question. Hopefully someone can help.
My wife is a grad student and stay at home mom. She will not be on the mortgage we are applying for.
In a couple of months, she will be getting a student loan disbursement of excess funds that were above what her tuition costs were. This money will go into our joint account. Everything we owe on is in my name- our car, credit card, etc. Her name is jointly on things like our rent and utilities.
Clearly, we can’t use her student loan money for a down payment (because it is borrowed and because it’s in her name). But, for the sake of getting our downpayment saved more quickly, can she use those funds to pay our rent, utility bills, etc.? And then my income can go straight into savings that month and we will have our downpayment.
My income is more than enough to pay our bills. We in no way rely on her student loan money, which I know would be a bad sign for a lender.
What do you think? Is it possible?
You must be logged in to reply to this topic.