My name is on the mortgage for our home that my husband and I have had for the past 22 years. I now want to refinance at a lower rate and also have my husband’s name on the title (I thought this would be a formality since we’re married, but does that depend on state? We’re in Oregon). We’ve been self-employed, but now almost all income is husband’s Social Security. My credit score is high (About 877 out of 940), Husband no credit score. Bank says underwriter won’t approve because Husband has no credit score but all the income, and Wife has high credit score but no income. We have never been late on any payments in 22 years and only have home loan and 1 low-balance credit card for debts. The interest on our home loan is 7% and want to save money by refinancing to about half that percentage rate.
Are we indeed stuck in a catch-22 where our income/credit score cannot be considered as COMBINED as a married couple?