My husband and I are trying for an fha loan, first time buyers. The lender had told us that even though we are in a community property state (louisiana), they can keep me off of the loan and only have to place my credit card debt towards our DTI. I have $100K in student loan debt and repaying under an income based program. They’re telling us that they can make it where my student loans don’t have to be included, however everything I’m reading says otherwise. I’m afraid we’re about to lose the money we’re paying for the earnest deposit and the house inspection when/if they tell us that they’re going to have to include my student loans. They said, “FHA is the only government backed loan that we don’t have to include your student loans on”. Any actual truth to this?!
I’ll let an expert answer about the FHA part because I’m surprised that student loan of non-borrowing spouse does not have to be included.
You will not lose your EMD if you’re not approved. Your sales contract is contingent on your getting financing. However, you will not be refunded your home inspection fee if you don’t get finan.