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jennifer, Home Buyer in Renton, WA

Will my recent credit inquiries hurt my husband's chances for a mortgage even if i'm not on the loan?

Asked by jennifer, Renton, WA Tue Feb 5, 2013

I am not on my husband's loan app. due to poor credit, but the broker has asked to run my credit and wants me to sign something regarding three recent inquiries and will include my debt for his debt to income ratio. Will my recent inquiries hurt his chances of getting approved even if i'm not on the loan.

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7
George Raymondo’s answer
No, it's just a verification or validation that you haven't incurred any NEW debt. It sounds like you are doing an FHA loan in a Community Property State. This is the reason the lender is required to run your credit, add your debt to your husband's debt, and to make sure you don't have any other debt coming down the Pike.
0 votes Thank Flag Link Mon Feb 11, 2013
Hi Jennifer,

I think your husband can get the loan based on his own credit. The lender is probably just using your debt for your marital debt to income ratios - thinking your husband may need to pay that debt. Since you are working with a mortgage broker, it is best to ask your mortgage broker that question, because he has all your information and the loan approval process is like a jigsaw puzzle.

If you want to check with a very knowledgeable, experienced mortgage planner who looks at your full financial picture, I can refer a couple to you.

Warm Regards,
Karen
0 votes Thank Flag Link Thu Feb 7, 2013
Hi Jennifer

If the credit inquiries are for Real Estate loans they maybe more forgiving, if the credit inquiries are for
Other Credit Cards or Purchases then they will be quite interested in looking at your future
debt to Income Ratio associated with your husband.

A lot depends on who the lender is, some lenders are very tough.

Best regards
Ruth
0 votes Thank Flag Link Tue Feb 5, 2013
The answer is it could but not having all the facts this is hard to answer. The best place I know of for you to inquire about your question is Elitecreditcare.com I recently spent a couple hours with our office agents and they had the answers to just about everything relating to credit issues. I found what they had to share to be the best presentation I have seen on helping people with credit issues. Their number is 877-604-4489 ask for Julieann! Best wishes!
0 votes Thank Flag Link Tue Feb 5, 2013
Jennifer,
The mortgage lender is concerned that you may be taking out loans at the same time your husband is applying for a mortgage. If all of a sudden you had a $500 car payment and $200 more credit card payments, it could affect things.
Whatever you do while in the process of getting a mortgage, do not make any major purchases, even with cash that your loan officer is not aware of. Sometimes the debt to income ratios are very tight and anything new can cause a decline of your loan.
0 votes Thank Flag Link Tue Feb 5, 2013
I wouldn't be concerned about three credit inquiries. I'm sure your mortgage broker has recommended that you do not apply for any additional credit lines, and make no major purchases during the loan approval process? Trust your mortgage broker to know how to navigate the loan process.
0 votes Thank Flag Link Tue Feb 5, 2013
No. I would follow your mortgage broker's instructions. You'll find banks are very curious (often too nosy, if you ask me) but they ultimately want your business. Trust the mortgage broker and you'll likely end up with an approved loan. I'm pulling for you! --Ray
Flag Tue Feb 5, 2013
they have asked me to write a letter explaining the inquiries, eventhough i'm not going to be on the mortgage. should that be a cause for concern?
Flag Tue Feb 5, 2013
It sounds as if he is getting an FHA or VA loan, but your credit scores should not be a problem. If he has good credit, I would recommend he go for a conventional loan. There are many advantages & he might want to discuss them with his lender. If he wants another opinion, I would be happy to chat with him if he wants to contact me directly.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
Web Reference: http://tristarfinance.com
0 votes Thank Flag Link Tue Feb 5, 2013
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