Think we'll get approved?

[Anonymous]

Not that it'll make much difference, but I just looked at last year's W-2 and I grossed $26,500. I guess that was overtime.

[Anonymous]

Okay, I also checked my student loans out, and I owe about $5000. They will definitely be in deferrment for a number of years...I'm only going part time and it's going to take me awhile to finish.

I have a lender looking over my info now, so here's hoping. I gave him my income info, price range, current rent, etc, and he said it sounds like we can get a pre-approval, but he's going to pull my credit and call me back.

[WannaHouse]

Sounds like you may qualify, but it may not be in the $110K range.

[Anonymous]

Well my credit score has gone up...middle score is 653...yay! I spoke with a local lender who got me pre-approved for $85,000. That's not much to work with, though. I have another lender working on getting me a "real" pre-approval that requires documentation and will go through underwriting first. He said that we have a good case for the $110,000 approval because the mortgage would be about what we're paying in rent right now, and I can document our rent prices. So wish us luck! It will probably be into next week before we find out.

[iagainsti]

Well, not to burst your FHA bubble, but both you and your spouse will need to be on the application.

I know this as I was pre-approved for a loan last october, made an offer that was accepted, then the retarded loan officer says: "Oh, yeah, um, we're also going to need your wife's info as well..."

The deal was killed as her credit has insurmountable issues.

With FHA, they need both....

[Anonymous]

---

@iagainsti wrote:

Well, not to burst your FHA bubble, but both you and your spouse will need to be on the application.

I know this as I was pre-approved for a loan last october, made an offer that was accepted, then the retarded loan officer says: "Oh, yeah, um, we're also going to need your wife's info as well..."

The deal was killed as her credit has insurmountable issues.

With FHA, they need both....

---

What state are you in? I did a little reading on this and it looks like this only applies in community property states, which Illinois (where I'm buying) luckily is not. 

[Anonymous]

Husband and wife only have to be on the loan if you want to use both incomes.  That's not an issue for the original poster since the person to be left off does not have any income.  The only trick is in community property states, whether or not both people are on the loan, both of their debts will count against DTI limits.