Financing in Temecula>Question Details

Kaybee98_20, Home Buyer in Shadowood, Bryan, TX

Anyway I can buy a house without using my spouses debt

Asked by Kaybee98_20, Shadowood, Bryan, TX Fri Aug 17, 2012

Anyway to get approved in Cali with just my info and not using my husbands debt?? His income I not counted cause it's all from the VA (gi bill and work study) . But I don't think I will qualify if I have to account for his debt an my debt too!! Any suggestions??

Help the community by answering this question:


Your debt may not be as bad as you think. For example, your student loans can be deferred. If you have not personally spoken to a VA Lender, I would suggest that. We can at times push the DTI ratios on a VA loan as do not have to concern ourselves with the front-end ratio like an FHA, USDA or Conventional. but clearly going Conventional would be your best bet.
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0 votes Thank Flag Link Mon Aug 20, 2012
There are ways to have this done without your spouses credit as long as we stay with a conventional loan. To be able to determine what is right for you, a full confidential meeting would help determine which path to take. At your convenience.
0 votes Thank Flag Link Fri Aug 17, 2012
Sorry!! Forgot to mention it would be a VA loan....
0 votes Thank Flag Link Fri Aug 17, 2012
Govt. loans in community property states require the non-borrowing spouse to disclose all liabilities way around that. But, you would be surprised at how high your DTI ratio can sometimes be using VA financing. Just need to meet that residual income requirement and you may be set. I funded a VA loan 2 months ago with a 58% DTI, but they met the VA's residual income, so we approved and funded it.
Flag Fri Aug 17, 2012
Your best bet will be conventional financing, but to do conventional with a low down payment you'll need excellent credit.
Good luck!
0 votes Thank Flag Link Fri Aug 17, 2012
Hi Kaybee98_20,

I know of several married couples who have done this - only one spouse applies for the loan (but you have to be able to qualify by yourself).

Shanna Rogers
SR Realty
0 votes Thank Flag Link Fri Aug 17, 2012
Keep your spouse off the loan and we can do a 3% or 5% conventional loan.....with or without monthly paid private mortgage insurance. Payment will be less than FHA too!

Click through to my link below if you have any questions.
0 votes Thank Flag Link Fri Aug 17, 2012
I'm not doing loans, but this I can tell you;
If you put your spouse on the Loan for their INCOME, you will also have their DEBTS:
You cannot do one without the other.
0 votes Thank Flag Link Fri Aug 17, 2012
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