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Purchasing house within a year, how do we look?

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ShanetheMortgageMan
Super Contributor

Re: Purchasing house within a year, how do we look?

To make it simple, it'd be better if she got her paycheck deposited into her own account, and then transferred whatever funds aren't needed to your joint account.

 

However if that isn't possible, then I'd recommend she deposit the exact amount of funds needed from your joint account into her separate account, but do it the day after she gets paid so the underwriter sees that it's clearly her money. 

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 11 of 13
dccordell
Established Member

Re: Purchasing house within a year, how do we look?

We decided to go ahead and refinance the vehicle out of both of our names and into just her name (getting a better rate at the same time, whoop!).

 

So now my new question is... will having my wife make the new payments from our joint checking account still cause problems with the underwriter when viewing my joint bank statements? The debt is no longer in my name, but I'm concerned that he will see that the payments are still coming from our joint account and decide to count that debt against me, even though my name isn't on it, and my wife's pay checks are direct deposited into the same account covering the vehicle payments.

 

Any advice? Do I need to worry? Should we pay her vehicle notes from her separate checking account?

Message 12 of 13
ShanetheMortgageMan
Super Contributor

Re: Purchasing house within a year, how do we look?

Since you are using conventional financing, and the car loan is no longer in your name, the payment won't count against you even if the payment is coming from your joint bank account.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 13 of 13
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