Decided not to use me on Mortgage App, Husband is sole applicant- what will he qualify for?

[Anonymous]

I have been working on getting my credit score up and it's been going well...However my mid score is still 666, so I'm still not in the 700s where I'd like to be...

We have found a new build neighborhood we want to build a house in, and decided to get a preapproval with just my husband's info to see what he'll qualify for, but we won't find out until Friday from USAA.

We are seeking to be approved for about a $500,000 loan. 

His gross annual income is $144K.

We have no debt and no car payments or loans.

Our current home has a mortgage (including property tax escrow which is very high in FL) of $1800

We are hoping to rent it out so we'll have "rental income"

He has $100K in savings and I don't even know what else in his 401K

His credit is in the 800s

He has been with USAA for years and has a long relationship with them.

Should he be okay qualifying for a $500K loan on his own? 

If my score was higher, I would be on the application and be able to contribute my income to the amount requested.

The house is probably going to be about $530K for total property value, depending on how many "upgrades" etc, but we're hoping to not finance more than $485K to $500K...

Any thoughts?  I'm really nervous, and obviously disappointed that I feel like I'm failing him here with my crappy credit score. 

[llecs]

I know zilch about lending standards, but DW and I got our first mortgage with the same amount of loan ($500k) with less income, and had put $25k down. He should be OK, DTI issues or non-issues aside. 

I take it you are going conventional? We did FHA with a low mid-score around 680 and had an amazing rate (then).

[Anonymous]

Thank you!  Good to know! 

We actually currently have a VA loan (he used to be in the CG and is now in the reserves), so we are going to use his bonus entitlement to support a new VA loan on this new-build home.  I think the way it will work is that the VA no money down type of loan will apply for close to $200K of our new loan, and the rest will be a normal loan (I can't remember what type he said exactly) for the other $300K.  So we'll only have to pay 20% down on the $300K "normal" loan, and the VA bonus entitlement loan will be no money down, no PMI.    I think I understood that correctly...