My husband is under contract to buy our first home. I chose not to be on the loan because I'm a recent graduate and I didn't want my student loan payments to be used in our ratios.
Here is our info: his credit score is 628 currently. His student loans came out of deferment and he didn't realize it, and he has some lates on his report from that. As soon as he realized it he caught up and started paying on time again.
Our ratios are excellent, we have no car payment, credit cards or anything of the like. Aside from that, since we are only using his income to qualify, we still have my income as well.
We live on the campus of my university and the "rent" is in my name since I'm the student. I have a question regarding this. Since his credit score is so low, I assume they need rent verification. What will happen with this, since he is not on the lease per se? I'm worried this will prevent us from passing underwriting.
If I can get the university to relase my payment information to them under both of us, I'm still worried because we have one payment that was 30 days late.
With all of this, I'm terrified we will not make it through underwriting. Thoughts?
