Me and my wife have a joint bank account. We are applying for an FHA mortgage, however only myself will be on the mortgage app as her credit isn’t very good, plus I work full time. From a DTI standpoint we qualify on just my income and credit scores alone. We have been able to set aside my wife’s unemployment funds. Are we still able to use my wife’s unemployment funds as part of the down payment only (and not for income/DTI purposes since she won’t be on the mortgage)? It’s my understanding that the non-applying spouse can still contribute towards the down payment, but wasn’t sure if they would be able to use saved up unemployment funds. Thanks!
Unemployment as a source for downpayment pahment
- Thread starter Bob1277
- Start date
Jzone
LoanSafe Member
I would say yes, but your bank will make the final decision. My wife and I have a joint bank account. Mortgage is only in my name. She works part time. Only requirement was that since we were married, her name is also on the deed to the house.
She had inheritance money in our savings account from 5 years earlier when we bought our house and the bank did not care where it came from just as long as it was a joint account.
Casey J. Dowell
LoanSafe Member
I too have a similar case in which the bank didn't have any enquiries about the source of money.