Amount we can borrow with one applicant?

[ShatteredReality]

Hi, 

We are in a bit of a pickle and looking for some guidance. We were in an accident and most likely our only car was totaled. Luckily there seem to only be some scrapes and bruises as far as we go (we are also very sore) but we are almost 100% sure the care is a total loss (waiting on the insurance estimator to take a look). 

The main issue we have is that I am currently in the process of applying for a mortgage and can't buy anything on my credit (this has also reduced our liquid assets so the ability to buy a car outright is not really an option at the moment).

My wife is not going to be on the mortgage so she can buy a car on credit without affecting the homebuying process.

Our main concern is that in comparison I make the majority of our income so we are not sure what just my wife can afford.

Here are some numbers:

Total household income: 170k

My income: 120k

My wife's income: 50k

My wife's credit scores:

Fico 8: EQ - 687 Ex -696 TU - 687

Fico Auto 8:  EQ - 718 Ex -720 TU - 711

My wife's debt to income ratio (calculated by monthly minimum payment / monthly gross income): ~18.5% (if you include monthly housing payment that rises to ~38.5%).

Obviously we would be a lot better off if we could include my income in all of this so we have a couple of questions.

1) Based on this information can someone give us an idea of what my wife could be approved for?

2) Are there any reputable lenders out there who would allow us to count household income without requiring that I be on the loan? 

We are trying to be 100% honest with everyone and explain the situation but I also 100% understand why if they include my income they would want to pull my credit. 

Thanks!

Credit Score:

Fico 8: EQ - 687 Ex -696 TU - 687

Fico Auto 8:  EQ - 718 Ex -720 TU - 711

AAoA: 67 months

# of positive trade lines: not sure

# of negative trade lines: none (assuming negative means not in good standing)

Income: 50k (just my wife) 170k (household)

Lenght of Employment: In current position: 9 months, in field18 months

Previous Loan Experience:  17k Auto loan paid in full, Student loans all in good standing, personal line of credit through us bank in good standing

Debt-to-Income (DTI): ~18.5% not including housing (wife's debt/wife's income) 38.5% including housing (wife's debt + 1/2 rent / wife's income)

Year of Car we want to buy: 2016/2017

Purchase/Refinance: purchase

Requested loan term (XX Months): 72 months

Down payment amount: at least 1500 but depends on the payout from the accident.

Co-borrower/Co-Signer: hopefully none

[Appleman]

Have your wife run her info on the Cap1 Auto pre-approval (the SP only)

2nd option, apply for PenFed (your wife that is), have her join, apply for a CC and auto loan (not in that order). My guess is they will give her the most bang for the buck.

Hopefully that will get you where you need to be. Glad everyone is OK!

[Anonymous]

First of all, glad you are ok.

I'd talk to your loan officer about the car situation. Depending on where you are at in the process, circumstances, DTI, current car payment, etc. you might be ok to open up new credit for this with just a LOE to the underwriter.

Otherwise, try PenFed or DCU - depending on what type of car you are looking at, her salary and scores should be enough to qualify for something. Cap1 is a SP and would give you a ballpark of what an approval might look like. And then there's the dealers captive lender, only let them run for their captive lender if they have financing offers, do not let them shot gun.

Good luck, the mortgage process is stressful enough! I hope the car buying works out for you too!