Married, but getting mortgage loan in my name. Will they verify my bills per month?

[msann]

My husband screwed up and had a late payment on the mortgage that is in his name alone. We are wanting to move, but because his score is so low, 560 and a recent late payment, It looks like we will have to rely on my score and income. I am wondering if I will be able to get a loan by myself? Can i use his income? If i cant use his income, will they verify what bills we are paying monthly? I am just hoping because I am getting a mortgage alone, that it does not appear that all the bills are coming out of my check. I make 75,000 a year and my only monthly bill is student loans $500/month and food. My husband pays all the other bills. My credit scores are 705. 706. 704 from my fico. My mortgage score was 662.665.623 in January. My mortgage scores are probably higher because my fico scores have risen about 30 points in the last 2 months.

[Anonymous]

Hi there!

1): They will only use what bills appear on your credit report for DTI ratios.

2): You cannot use his income if he is not a co-applicant.

[msann]

Oh, wow! I thought they would include household bills, not just bills on your credit report. Valuable info, thanks!

[Anonymous]

I am in your situation as I am getting the mortgage in my name only also.

They will ask about accounts that show up on your credit only outside of Child Support, Alimony payments or judgements.  You cannot use his income unless he is a co-applicant.

[VALoanMaster]

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@msann wrote:
My husband screwed up and had a late payment on the mortgage that is in his name alone. We are wanting to move, but because his score is so low, 560 and a recent late payment, It looks like we will have to rely on my score and income. I am wondering if I will be able to get a loan by myself? Can i use his income? If i cant use his income, will they verify what bills we are paying monthly? I am just hoping because I am getting a mortgage alone, that it does not appear that all the bills are coming out of my check. I make 75,000 a year and my only monthly bill is student loans $500/month and food. My husband pays all the other bills. My credit scores are 705. 706. 704 from my fico. My mortgage score was 662.665.623 in January. My mortgage scores are probably higher because my fico scores have risen about 30 points in the last 2 months.

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Hi Msann,

Lenders will only count the debts that are on your credit report for the most part. There are a couple of exceptions.

1) Child support, alimony & separate maintenance.

2) Your spouse's debts if you are in a community property state & you're getting a FHA, VA or USDA mortgage even if your spouse will not be on the loan.

3) Child care is included on VA loans.

You will not be able to count your husband's income unless he is on the mortgage.

Are you on title to your current home?

The lender will also want to know what you're going to do with your current home. Are you going to sell or rent it out?

It looks like you should be fine based on the information provided but, as you can see, there is a lot more that needs to be considered.

[CreditInspired]

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@VALoanMaster wrote:

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@msann wrote:
My husband screwed up and had a late payment on the mortgage that is in his name alone. We are wanting to move, but because his score is so low, 560 and a recent late payment, It looks like we will have to rely on my score and income. I am wondering if I will be able to get a loan by myself? Can i use his income? If i cant use his income, will they verify what bills we are paying monthly? I am just hoping because I am getting a mortgage alone, that it does not appear that all the bills are coming out of my check. I make 75,000 a year and my only monthly bill is student loans $500/month and food. My husband pays all the other bills. My credit scores are 705. 706. 704 from my fico. My mortgage score was 662.665.623 in January. My mortgage scores are probably higher because my fico scores have risen about 30 points in the last 2 months.

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Hi Msann,

Lenders will only count the debts that are on your credit report for the most part. There are a couple of exceptions.

1) Child support, alimony & separate maintenance.

2) Your spouse's debts if you are in a community property state & you're getting a FHA, VA or USDA mortgage even if your spouse will not be on the loan.

3) Child care is included on VA loans.

You will not be able to count your husband's income unless he is on the mortgage.

Are you on title to your current home?

The lender will also want to know what you're going to do with your current home. Are you going to sell or rent it out?

It looks like you should be fine based on the information provided but, as you can see, there is a lot more that needs to be considered.

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Question. If they have a joint checking account with monthly recurring bills being paid from it, even if not on her CR, will that count toward DTI? Just curious. 

[VALoanMaster]

No they won’t

[Anonymous]

In process of closing now as married but without wife on mortgage. They won’t count spouses debt unless you live in a community property state which I think there 9. They will check bank statements and ask for explanations of payments for things that aren’t on your credit report for example your spouse car payment. They will also require your spouse to sign a letter that you have 100% access to all funds in joint accounts. Hope that helps.

[CreditInspired]

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@VALoanMaster wrote:
No they won’t

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Thanks. Good to know. 

[Anonymous]

I’m in underwriting now and in Florida where I’m getting a mortgage in my name only. My husband and I have a joint bank account and he had to provide a signed letter stating that I have full access to the joint bank account where both of our paychecks are directly deposited. They did not use his income for approval of a mortgage loan for myself.