non purchasing spouse question

[namvet]

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@tooleman694 wrote:

I am going thru this right now. I am buying a house without my Wife on the loan.

They pulled her credit and added all of her active debts against our DTI minus her income. I think it is complete BS.

If we went conventional, they wouldn't pull this BS.

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  +1

[JenniferinFL]

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@drkaje wrote:

Should loan officers warn people about these things?

Maybe I've been on the forums so long that lender asking about household DTI doesn't seem surprising.

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I don't know, it seems like it has to be split off. If I go to get a credit card, I can't use household income anymore, just my income. When I'm issued a credit card or get a car loan, just my debts are taken into account. We're going USDA and they haven't pulled my credit once at this lender. They did require a copy of my tax transcripts just to make sure I wasn't working, because my income is required to qualify for USDA. The income of all household members is required, but, other information is ignored, at least that's been my experience with our lender going USDA guaranteed.

[MarineVietVet]

Several posts in this thread were either edied or removed because they delved into one of the 5 things that are never allowed to be discussed in the forum's- politics. Probably few of us care much for politicians in general but it's when one side or the other of the political spectrum is blamed/praised that the subject has too much of a chance to overheat.

[tooleman694]

It was a joke.

[Lel]

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@tooleman694 wrote:

It was a joke.

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Joke or not, it's still not permitted.

[Anonymous]

Collections are different from debts.  Debts are any account that appears on your credit report that you make montly payment to.  For example if you have a student loan for 120 per month, that 120.00 will be added to your husbands debt and will affect how much of a mortgage payment you can afford.  Collection accounts are bad debts thats why your credit is low and you cant be on the loan.  Also, the credit scores that you pull are different from a residential mortgage credit repot.  Your scores may be higher than what you expect allowing you to be on the loan.