Do I need spouse to get a USDA loan?

[Anonymous]

My wife and I have had some credit issues that we are fixing and I am finally at the magic number level.  My mid fico is 636. For some reason my wifes Transunion isn't pulling and now her mid score is 554 and we don't know why all of her info is updated and her uti is real low.  I make about $35,000 a year myself and we are looking for a mortgage of about 86K for a new mobile home we own the acre of land it is being put on and was using that as our downpayment and closing costs.  Do I need to add my wife or could i get the mortgage myself?  Please help!!

Thanks

[rockymtngrl]

That would depend on if your in a community property state or not. If you are'nt then you could get a mortgage just in your name, although you have to use the total household income to see if you can qualify for USDA- for the actual mortgage you could just use yours. What other debts do you have? If you don't have any other debt and depending on how much taxes and insurance are where you live you could qualify for that amount just on your own but it would be close.

[WannaHouse]

Also, USDA has some very specific rules on mobile homes. I think mobile home are not allowed, but a modular is. IF my memory serves me right, I think it has to do with "it must be on a permanant foundation". (no wheels)

Message Edited by WannaHouse on 07-17-2009 12:28 AM

[Anonymous]

I JUST closed on a home (monday) and whent thought this. I have much better credit than my husband.the home we bought made my DTI a little high so my mortgage broker asked for a waiver and stated that I was married and we gave my husbands income. Its just me on the loan, but they gave us the loan taking into count that we are married and his income also.

[Anonymous]

So they used your husbands income but not his credit scores? I was told for USDA they would look at your other halfs income to make sure the "household" was within the income requirements.

[Anonymous]

You stated you got a waiver from your bank. What bank do you bank with? I have the same situation.

[ezdriver]

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@Anonymous wrote:

My wife and I have had some credit issues that we are fixing and I am finally at the magic number level.  My mid fico is 636. For some reason my wifes Transunion isn't pulling and now her mid score is 554 and we don't know why all of her info is updated and her uti is real low.  I make about $35,000 a year myself and we are looking for a mortgage of about 86K for a new mobile home we own the acre of land it is being put on and was using that as our downpayment and closing costs.  Do I need to add my wife or could i get the mortgage myself?  Please help!!

Thanks

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The way that the thread topi reads is funny ... would cause many to "acquire" a spouse to qualify for the mortgage. lol

[09Lexie]

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@Anonymous wrote:

You stated you got a waiver from your bank. What bank do you bank with? I have the same situation.

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The poster you are responding to has not been active in 5 years.  As this thread might have outdated information, please start a new thread addressing your concerns.

Thank  you.