Roy Kelley Sells Maryland Homes : DOES THE TRAILING SPOUSE HAVE A JOB?

DOES THE TRAILING SPOUSE HAVE A JOB?

Some relocation home buyers will be facing more difficult underwriting rules when they apply for mortgage financing for their new homes. In the past, Fannie would allow lenders to count the income of the trailing spouse when considering the income to qualify for new financing. A trailing spouse is one that follows his or her spouse or partner in a job related move to a new location.

Now Fannie Mae has new restrictions on the consideration of trailing spouse income. The trailing spouse may need a new position as well. If the income of the primary borrower is not enough to qualify, this can cause the loan application to be rejected if the trailing spouse can not document the additional income that is needed for qualification.

Some relocation employees may turn down opportunities if they will be unable to purchase homes at the new job location.  

The rules at Freddie Mac are different but still strict. Relocation buyers should seek early pre-approval for mortgage financing as part of their decision making process.

We represent home buyer clients as their exclusive agents in the Marland suburbs of Washington DC and nearby counties. roykelley@mris.com