Conditional Approval

[ashapree]

I applied with my husband for a FHA loan. They approved him with conditions. My scores were to low. 

If I purchased a car would that affect his loan if I am not on the loan?

Can they pull my credit again after denying me and approving him with conditions?

[Heavanly1]

I wouldn't recommend acquiring any new debt prior to closing on the new home. Depending on the state that you live in, the lender could count your debts against your husband's DTI.

Additionally, if your scores are too low to qualify for a home loan. you probably won't get favorable terms on an auto loan. If you can defer the purchase of the car until after you and your husband purchase a new home, do so.

[DallasLoanGuy]

buying a car before buying the home is not a problem if the debt ratios can stand it.

but you will not likely get a score boost for a while after establishing the new trade line. actually, it could go down in the short term'

[ashapree]

Thanks....although I dont  think it will affect my husbands approval. He is the only one on the FHA loan.  My scores were to low.

[Anonymous]

Two things to keep in mind...

If you are in a community property state any debts you have are counted as his so the loan would directly affect him.

Also, often times when a spouse is not on the loan, they allow the spouse who is on the loan to get approved when borderline based on the uncounted income of the other spouse as a compensating factor.  IF your DTI changes it could cause issues.

As Dallas said, ideally it would not hurt as long as your DTI can withstand it, but never rock the boat when applying for a home loan... Taking on a major loan when applying and ther are existing credit issues is really risky.