Co signer vs Joint Applicant

Hi there. I am curious if anyone knows the answer to this one. My husband and I bought a house last May, but the mortgage is only in his name. So when my credit is pulled, there is no mortgage that appears on it. I am looking to buy a sfr and I know that my income alone is not going to be sufficient to be qualified for the loan.
So, I am going to somehow use my husband’s income to qualify. What is, if any, the difference between a 'co signer and a joint applicant"?
Because I do not have a mortgage in my name, would I be qualified for some kind of first time home buyer program?
If he is my co signer, will my mortgage show up on his credit report?
Thanks in advance

There are stated loan programs where you can “lie about your income” and qualify for the loan if your credit is good enough.


I’m hoping that the qutoation marks indicate that the words “lie about your income” means something different thatn ‘lie about your income’…


Stated = “state an income amount… that will never be verified by the lender” ::slight_smile:

Well, I am really trying to not lie and I want to be honest while still trying to make this purchase work for me. So are you saying that I wouldn’t be qualified for a first time home buyers program if my husband was a cosigner or joint applicant and I don’t have a mortgage in my name?
And also, is there a difference between the two?

Depends on your combined Debt-to-income ratios. I don’t see a difference between consigner and co-applicant. You can both apply for the loan (co-applicants) or you can both sign the promissary note (co-signers).

In regards to first-time home buyers program…while you are not on the mortgage with your husband, are you on title?

The stated program is not “lying”…It is what it is…The bank gives you Basicly 3 options for showing income:

  1. Full doc… Show w2’s, pay stubs, etc
  2. Stated… State the amount you make and document where you are employed.
  3. No Doc… As the name implies.