My husband has a lot of debt and a low credit score. I really could only see myself qualifying but it would be for a much lower amount than other married couples b/c it would just be under my name name only. I’ve never tried to apply for a mortgage yet but will they consider my husbands income at all even when it’s just under my name? How exactly do they determine how much I’ll qualify for? I’ve gone to websites and calculators but I’ve never spoke to an actual agent/lender. I’m very new to this and do not plan to get a house until another 2 years or so. Any suggestions would help, thanks.
what to do about buying a new house?
3 Responses to what to do about buying a new house?
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You can try to get a loan by yourself, but your husbands income will NOT be used to qualify since his credit score is too low to be on the loan. If your score is 740 or more, you can get a conventional loan for 5-10% down, depending on the investor. If your score is under 740 but over 620, you can get a FHA loan for 3.5% down. The only thing about the FHA loan though (besides PMI) is that your husbands debts are counted against you, but his income is not factored in. Depending on what is individual bills are, you may not make enough to qualify on your own. The best thing to do is to contact a lender and have them run some numbers. If you are not looking to buy for 2 more years, that should be plenty of time to work on your husbands credit and get the score and issues worked out. A good lender will help you with this and you do not need to pay anyone for ‘credit repair’… you can do it on your own and save money. A good lender should be able to tell you what needs to be done. Good Luck!
No, your husbands income would not be considered if he is not on the loan.
You may not be able to buy in your name only, you need to make sure you are not in a community property state.
If you can buy because you can have sole property, they go by your pay only, none of any one elses, and your credit score. The amount is determined by your income and your debts.