No borrowing spouse's income

[capricornchanges]

I've been researching  and finding conflicting information. I want to apply for an FHA loan, but only make 28K, Hubby cant go on due to credit, I'm reading some lenders will allow a non borroiwing spouse's income, some sites say no. Also, I co signed on a car for him and it gets paid out of a joint acct, Ive read that if I can prove he makes the payment and not me, it wont count aginst my DTI, not sure how I would do it though, as I said, its paid fro a joint account. We live in a state that is not community property.

Thanks to anyone who can answer these.

[Anonymous]

I’m interested in the same answer. I’m going to apply on my own, but it would be helpful to use my husbands income.

[MauiMan85297]

If that's coming from a joint account there's no way to exclude from your DTI.  They want to see bank statements from the person making the payments and that person is your spouse with the same account as you.

[Anonymous]

following as i am also interested in whether I can use my spouse's income, but not put him on the loan.

[Anonymous]

If you want the income included, the person's credit will ALWAYS be factored in. I believe Fannie Mae's Homepath will allow non-borrowing income, but I'm not sure of the stipulations and I'll let the lenders on this board answer that. BUT, in almost all cases, if you want the person's income considered, they will have to factor in the credit. 

In regards to being a co-signer, this is how that works - The problem is not that it's your husband. The problem is that the note is being paid from a joint account which your name is on. From the lenders point of view, there's no way to tell who's money is being used to pay for it. Your husband needs a separate bank account and has to show that he's made the payments from that account for the past 12 months. I have a car that is in my dad's name. However, if he wants to buy a house, they will not factor the payment into his DTI because I am the one who has made payments since having the vehicle and I can show proof that payments were made from my bank account. 

You mentiond that your husband has some credit issues. It may be worth explaining what those are and folks on here can point you in the right direction. We just closed on our home in December 2017. When we signed the contract in February 2017, my mortgage scores were in the 500-530 range. By the time our loan was packaged in September 2017, my scores were in the 640-680 range, and that was with removing collections and charge-offs, so it is possible.