The short answer is it depends. Having great credit is necessary but not sufficient. You must also have a steady income stream, and appropriate debt and expenses. Lenders do make loans based on only one spouse.
You must be able to demonstrate that you are a good financial risk. The lending rules and requirements change regularly, so your best approach is to speak face to face with a local lender representative. I suggest a mortgage broker, or a lender representative who has the option of dealing with several different lender underwriters. The underwriter is the person or group who actually makes the final decision of a loan for an investor (the person who has the money). Banks frequently have limited flexibility to â€œshopâ€ underwriters.
You want someone who you can look in the eye and get advice about the specifics of your situation. You want a person with current information about requirements, and the flexibility to take advantage of as many options as possible for you.
I am a real estate professional, not a financial professional. So my perspective is from the receiving end of financial advice, not the giving end. However I help clients every day with a wide range of different financial situations and I see the practical implications of what families deal with in making a decision about buying or selling a home. I always recommend financial experts, face to face.
If you would like specifics, go to www.Zip711.com and click the Trulia menu tab.
I interview prospective buyers and sellers on a regular basis. I would be glad to speak with you once you have spoken with a lender and have a letter of prequalification. If you would like a list of local lenders to consider, please contact me at Zip711.com.
Carolyn Grimsley, CRS, ABR
Certified Residential Specialist, Accredited Buyerâ€™s Representative
Licensed by Louisiana Real Estate Commission
Realty Executives SB
In Bossier, 4012 Benton Rd suite 110
In Shreveport, 8575 Fern Avenue Suite 105
Each company independently owned and operated
Hi Shreveport/Bossier area! I lived there for a few years. Great Cities!!! To your question...Find a realtor you are comfortable with up there and he/she will do all the leg work! Let me know if you need a referrall. I know a few.