Hello! I need to know if there is hope for my situation. Any advice is appreciated and thanks in advance. I have a 767 credit score, $40,000 salary, and 31% DTI. My husband has a 520 credit score and $120,000 salary. We were denied his VA loan today because of his credit. He gave his ex-wife their home. He was (is) primary on that mortgage, although SHE legally owns the home. She keeps defaulting on the mortgage repeatedly and it’s ruining his credit and our lives. Will we ever be able to get approved? I have the credit and he has the salary. This shouldn’t be so hard..
Can you qualify using your income and liabilities?
Until the ex-shapes up, it seems your Hubby's credit will be hindering your ability to purchase jointly. Is there any legal recourse from a prior Separation Agreement or Divorce Decree? I'm not an attorney, but our nation of laws requires us to follow them or pay consequences and while this naturally takes some time to enforce, it's certainly going to take time for your Hubby's credit to recover where he can qualify using his credit and income.
Meanwhile, this doesn't prevent Hubby from providing gift funds to you for down payment or to pay down your liabilities in the event you need to maximize your buying power in order to achieve your current goal.