Married Qualifications

[mystikal1]

Can a spouse get a mortgage without the other spouse on the loan? How would you go about it?

[Anonymous]

Yes. You would simply apply in your name only.

If you live in a community property state your spouse's debts (but not income) would be considered in the DTI ratio. Otherwise it would be treated as if you were single - only your income and only your debts.

[mystikal1]

Ok DTI ?'s.

1. If a loan is less than 10 months from being over not counted right?

2. Is the mortgage included in DTI?

Here are my specs:

House should be >$200,000 hopefully $185,000 

Income Apx $48,000

Car Loan #1 $650.00

Carl Loan #2 620 Paid off by 9/2010

CC Payments $50 a month

Looking for FHA loan to close between 10/09-11/09

A few negative should be cleared by then and CC utl should be >5%

Is this possible or am I spinning my wheels.Sim says I should be fine by then 652-692 By Sept. But trying hard to bring DW scores up.

If DW income included it doubles our income so worst case is 12-18 months I think?

Message Edited by mystikal1 on 04-30-2009 04:47 PM

[SanDiegoEngineer]

DTI is going to be pushing the limits I think.  Based on 48K/yr, and assuming CC's are paid down so that you'll have a $15/mo payment, your revolving debts (car + cc's) are at 16.6% DTI by themselves.

Assuming a 5% interest rate, P&I on a 185K loan is about $995.  Total DTI for revolving + P&I is at 41%, and that's without taxes & insurance (and HOA if applicable).  Assuming a fairly cheap tax rate of 1% (~$150 per mo), DTI is now up over 45%.

I think the loan officers might tell you that is doable, but it's pretty heavily pushing against the maximum DTI's they'll allow, and will probably require a pretty strong file otherwise (reserves, etc) to approve.

[medicgrrl]

If you can bring DW's scores up but not enough for the mortgage then you could look at possibly refinancing car 1 into her name only so it is not included in your DTI.  Amazingly it is easier to get a loan on something that you can drive away or hide then it is on something that is permanently affixed to the ground!  lol