Home Buying in 80203>Question Details

Anon, Other/Just Looking in 80203

Qualifying for a house as a couple

Asked by Anon, 80203 Wed Aug 14, 2013

Originally, when my husband started wanting a house, I did not want to be a part of it and we agreed it was just going to be his name only.
So far he has been finding that his money only goes so far and what he has been prequalified for only goes so far.
He wants to bring me in to the qualifying process, but I am hesitant because I have 0 credit and a fairly big student loan hanging over my head.
I do make a salaried wage that is close to what he makes, but I am not sure if my credit will extend his prequalified amount that much further.
Does anyone know or has had experience in this area where one spouse has 0 credit and the other one has already been prequalified?

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Thomas Moser’s answer
If you have no credit (not bad credit) I doubt that it would hurt. You did not mention whether you are working. If you are, his income would be added to his. Your debts would be too. The best bet is to talk with a mortgage professional.
0 votes Thank Flag Link Wed Aug 14, 2013
Hello, since you have student loans, you definitely have credit. One option would be to add your name to any credit cards your husband has to help increase your score if it turns out you don't have enough trade lines. If your already consulting with a mortgage professional you both trust, I would highly recommend asking for a consultation to see how your income/debt would impact the overall scenario.

If haven't found a mortgage professional you both trust feel free to contact me to discuss your options with 0 commitment.

Feel free to contact me through my profile if you would like to speak in further detail.

Good luck either way!
1 vote Thank Flag Link Wed Aug 14, 2013
The thing to take into consideration is how much you would actually help. If your income helps alot but your debts (student loans) hurt alor then ultimately i think it would not be benificial. But I'm guessing this will not be the case. I doubt that your credit is 0 simply because you have the student loans reporting and being paid. I'am also guessing that you would ultimatley help in qualifying for more home.

If you would liek more details/options i would be more than happy to assist you.
1 vote Thank Flag Link Wed Aug 14, 2013
Well, if you have student loans, I can tell you that your credit is not considered as "0 credit". So it really depends on what a Loan Officer can pre-approve you two for based on your credit, income and assets. Now with additional income, you guys will be able to afford more house, depending on just how much student loans you owe and if you're in repayment yet. The best thing is to meet with a Loan Officer and see what they say once they get an opportunity to review both your documents.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote Thank Flag Link Wed Aug 14, 2013
You need to talk with a lender about what you need to do.
0 votes Thank Flag Link Tue Oct 8, 2013
Hi Anon,

As a Realtor and Lender in the area it would be difficult for you to help in the qualification... However, you mabe surprised that you probably do have a score since you have student loans even though you are not paying on them. You score will have to be above a 620 to help and we must use your and his mid-score.
0 votes Thank Flag Link Mon Sep 23, 2013
Hello Anon, my name is Steve BAdovinac and your thinking of if you can help is valid. If you have "NO SCORE" then you won't help, but if you have student loans then you have a score. It is easy to pull credit in 5 minutes or less and give you the TRUTH. If you truly have a 0 credit score there are a couple of things you can do to get a score within 60 days and help your husband. Also it may be a matter that the student loans are deferred to for a period of time. Please let me know if I can be of more assistanace. 303-507-5523. Sincerely, Steve
0 votes Thank Flag Link Sat Aug 31, 2013
Follow the advice of others and talk to your lender to discuss your best options.
0 votes Thank Flag Link Mon Aug 19, 2013

As stated, this is a good lender question. Additional income can certainly help in most circumstances and you may have credit the lender can use. Such as rent, phone and other utilities. It doesn't hurt to speak with a lender and it may help in your quest to purchase the 'right' home for you. My lender I hve used in these situations is Joe Massey - 303-809-7769 - h is with Castle and Cooke Mtg.

Robert McGuire
Your Castle Real Estate
0 votes Thank Flag Link Sat Aug 17, 2013
Email Brian Quigley. If anybody can do it he can. And if he can't he will tell you right away. His email is loans@brianquigley.com
0 votes Thank Flag Link Wed Aug 14, 2013
I have a great lender you can checkout. His name is Craig Adelman, he is with City Wide Home Loans. You can reach him directly at 303-809-8979, his website is http://www.CraigAdelman.com. He has helped a number of clients in your situation. Please call him if you have time!

Thanks, Jason Katz

Keller Williams Realty Downtown

0 votes Thank Flag Link Wed Aug 14, 2013
You really need to speak with an excellent experienced lender, who has the heart of a teacher and will be willing to work through all of the process with you and show you how it will look both ways, both with you as part of the loan and without you. It sounds as though you are on the fence about wanting a home, and perhaps with the right information you will feel better empowered to make that decision.

Additionally, this person should not charge you to help you make this decision ~ even if it is "refundable." This is part of a loan officer's job and you want to work with someone who is competent and will be around for you two throughout the entire process.

I highly recommend Pamela Todd from Megastar Financial. She has closed over 60 transactions for my clients. She is the best, and will explain it all to you. Ptodd@megastarfinancial.com, 303-517-1104. Best of luck!
0 votes Thank Flag Link Wed Aug 14, 2013
Greetings Alisaa,

All you have to do is call your husbands lender and ask them to run your credit. I am sure you "share" some of his payments and yes they take into consideration your student loan debt when determining your approved loan amount and payment.

You do have credit since you pay your student loan. Please don't see yourself short.

Then you can make an informed decision regarding your housing price point.
0 votes Thank Flag Link Wed Aug 14, 2013
There are many factors that go into consideration when qualifying for a loan. I would recommend either asking your current lender to add you numbers into the equation or getting a second opinion from another lender. They can very quickly give you the pros an cons of both and help you make a better decision. Ultimately, the amount you qualify for comes down to the combined ratio of debt to income. Credit will impact whether your income will qualify, but you might be surprised what your credit score is and how low of score you can have and still qualify.

I would also suggest asking for a pre approval, not just a pre qualification. There process is a little more in depth than a pre qualification, but in the end could make the difference between your offer being accepted or not. The market is so competitive for buyers that every little detail can make a difference, even down to which lender you are using.

As both a buyers and sellers agent in the area, when approached with multiple offers, our decision is heavily swayed by who you are pre approved with and what type of loan you are "pre approved" for.

If you would like a recommendation on a few great lenders in the area please give me a call or send me an email. Also, if you have any question regarding some strategies that may help you get a leg up when presenting an offer let me know.

Ryan Martin
Broker Associate
Jackson Realty Colorado
Direct 720.257.9262
0 votes Thank Flag Link Wed Aug 14, 2013

It may depend on what type of loan you are trying to get. It may be harder on a conventional loan than an FHA loan. It is more difficult to get a loan with no credit history but with the combination of you and your husbands salaries, it may be possible. Debt to income ratio is the main ingredient. I would suggest getting a few good faith estimates from several lenders to start. They will run credit reports unless you specifically ask them not to and if you can provide a recent credit report/score.

Let me know if I can help you through this process.

Christine Damiano
GreenSport Real Estate
0 votes Thank Flag Link Wed Aug 14, 2013
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