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DTI and spouses debt...

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ceejx
Established Contributor

DTI and spouses debt...

Ok, so my wife has bad credit, including several collections and a large student loan that is currently in collections, possibly even charged off (haven't checked yet) ..., my credit (which I need to update on my signature) is at least in the high 600s and I believe to be above 700 now, which I'll know once I finally get my SW alert, and I have zero debt....

 

We live in California, which is a community property state.... If I'm going to only use my credit for the loan, but her debts (which are from before we were married) are in default and don't have monthly payments, how do I figure that into my DTI, since from what I understand my DTI is calculated with her debts regardless of if her credit is used or not?

 

also her vehicle's loan is on her parents credit, but I pay for it... will this effect my DTI when the UW looks at my bank statements and sees the payment? (never been late in more than 4 years) .. my income is around 80k and I have no lates in 6 years...

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ceejx
Established Contributor

Re: DTI and spouses debt...

bump
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drkaje
Senior Contributor

Re: DTI and spouses debt...

Maybe someone associated with a lender (you're hoping to use) could answer. My guess is things would get hung up at underwriting until it was proven no one could attatch liens to the property. That's just a guess and I have no idea what it would take to make them comfortable in a situation like that beyond things being outside SOL. Not knowing how the laws work, I'd be worried about the time and resources proving they couldn't sue me would take.


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