Who — or what — is a trailing spouse?
August 24th, 2008 By Peter G. Miller
It sometimes happens that married couples move because of a job change for the husband or wife.
The catch is that while one spouse may have a new job, the other does not. The spouse without a job is known to lenders as a “trailing spouse.”
How should lenders qualify the couple for financing? It’s not as easy as saying the trailing spouse does not have income — which, while true at the moment, may not be true in the near future.
Lenders will need to examine such issues as training, experience, and job prospects when looking at an application that includes a trailing spouse.
For details, speak with lenders. If possible, have a job lined up for the trailing spouse and document potential earning capacity before making a loan application.
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