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Income and spouse

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Income and spouse

If a married couple is buying a home in one persons name (because the other one doesn’t have credit), do they take both incomes into consideration for DTI? Or just the applicants income? We live in Ohio and he’s buying the house but makes less than half of what I do. He’s got the credit score I’ve got the income. Just curious if they’ll consider my income if I’m not on loan.
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Valued Contributor

Re: Income and spouse

Only the applicant’s income, credit, and debt will be considered for the loan.

And the amount the applicant will be approved for is also based on this.

Now, if your income is also needed to qualify for a certain amount, you both will have to apply and the lender looks at the lowest middle mortgage score.
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Scores
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

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Valued Contributor

Re: Income and spouse

Hi Ipayton,

 

If you want/need your income to be counted/included, you have to be on the loan.

In a case like this, a lender would have to use alternative credit to establish a credit history for you.

We can use things like your car insurance, rent history, utilities, cell phone & cable bills to "build" a credit history that would allow you to be on the loan.

 

 

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