reply
by a lender
5yrs ago
from University of Missouri
in St. Louis, MO, USA
If the spouse is not an owner of the business they don't have to guarantee the loan. The only caveat would be if there is a lien placed on your home(s)/real estate that your spouse owns with you. In that case they would have to do a limited guarantee in the amount of the home equity. However if your lender is telling you that a spouse has to guarantee, that is something you should push back on.
reply
by a lender
5yrs ago
from California State University, Sacramento
in Seattle, WA, USA
+ to Colin's post, I would add that if the outside spousal income is important to debt service or some other aspect to the underwriting, then that might be a strategy for getting the loan approved. But Colin has outlined the points well.