Mortgage DTI question

canusa11 · ‎09-23-2014

My husband & I are going for a mortgage in a few months. My question is..If we do the loan in my name only. Do they still want too pull his credit and add his dti in aswell? We have an auto loan and may refiance with DCU & putt it in his name only. Both are credit reports are clean. His scres are 720s & mine are 740s. Problem is, he does not have 2 current years of income as he was off work for a year or so. I make around 80k & was aproved for 260k a few months ago, but want to put the auto loan in just his name too free up some DTI. We had too stop house shopping b/c of some health issues I had, but am well now. So I knw we will have too start this all over again.

b_diddy · ‎09-23-2014

Used Quicken Loans and they only considered income being used to qualify for the loan. I believe this is standard but YMMV.

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canusa11 · ‎09-23-2014

Thanks alot

ShanetheMortgageMan · ‎09-24-2014

If you are applying for conventional financing then only the applicant's credit will be checked.

If you are applying for FHA, VA or USDA financing and are in a community property state then the applicant & the non-borrowing spouse's credit will be checked. The non-borrowing spouse's credit is checked to include their monthly debt payments in the borrowing spouse's debt to income ratio.

If he had a 2 year employment history prior to the gap in employment, and if he's been back on a full time job for 6 months, then most lenders will be OK using his income to qualify.

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madmann26 · ‎09-25-2014

@canusa11 wrote:
My husband & I are going for a mortgage in a few months. My question is..If we do the loan in my name only. Do they still want too pull his credit and add his dti in aswell? We have an auto loan and may refiance with DCU & putt it in his name only. Both are credit reports are clean. His scres are 720s & mine are 740s. Problem is, he does not have 2 current years of income as he was off work for a year or so. I make around 80k & was aproved for 260k a few months ago, but want to put the auto loan in just his name too free up some DTI. We had too stop house shopping b/c of some health issues I had, but am well now. So I knw we will have too start this all over again.

The loan doesn't so much matter. The person with the best credit should apply to get the best rate.

What you do you want (and maybe I'm ass/u/ming) is for the title company to put BOTH your names on the deed.