Home Buying in 47802>Question Details

ashleesue, Home Buyer in 47802

My husband is the only income earner (I'm a stay at home mom), so if we wanted to get a home loan would they only look at his credit, or both?

Asked by ashleesue, 47802 Sat Sep 3, 2011

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So my credit will be checked to include my monthly payments, even though I won't be contributing any monthly payments?? That makes no sense at all. If my credit isn't as good as my husbands could we get turned down?? That would be stupid - without contributing income my credit score is about as relevant as my hair color!
1 vote Thank Flag Link Sun Sep 4, 2011
In North Carolina (which is not a community property state) only the borrowers credit is checked. If the borrower is married, and their spouse will not be on the mortgage, then the non-borrowing spouse's credit is not checked.

If you were in a community property state (such as California, where both Oggi and myself are located) and you were using either FHA, VA or USDA financing, then the non-borrowing spouse's credit is checked to include their monthly payments into the debt to income ratio of the borrowing spouse.

With conventional financing, in any state, the non-borrowing spouse's credit is not checked.
1 vote Thank Flag Link Sun Sep 4, 2011
So I can be on the deed, even if I'm not on the loan??
0 votes Thank Flag Link Tue Sep 13, 2011
In Indiana the who ever has the income and the credit can be on the loan. The spouse does not have to be on the loan. The spouse then can be added to the deed at closing if wanted.
0 votes Thank Flag Link Tue Sep 13, 2011
As an Indiana lender, your husband can be the only one on the loan and use only his credit on most loan types. If you would like to talk, please call me.
0 votes Thank Flag Link Tue Sep 13, 2011
Ok whew!! I was about to give up hope of getting a house anytime soon. Thanks for the info, I will pass all of that on to my husband.
0 votes Thank Flag Link Sun Sep 4, 2011
I meant to say "Indiana", not "North Carolina" in that last post - for some reason I thought you were in North Carolina.

Re-read what I wrote, except for replace "North Carolina" with "Indiana".
0 votes Thank Flag Link Sun Sep 4, 2011
Even though I won't be providing income? That doesn't seem fair to me.
0 votes Thank Flag Link Sat Sep 3, 2011
When married, both your credits will be checked.
0 votes Thank Flag Link Sat Sep 3, 2011
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