Financing in Michigan>Question Details

Erin, Home Buyer in Michigan

Want to apply for an FHA loan as the only borrower, due to a better credit rating and more stable job history

Asked by Erin, Michigan Thu Aug 21, 2008

than my husband. I make a decent salary to apply on my own, however, he makes more money. Can I apply on my own but can we report his salary under 'other income' so they will have a real picture of our gross earnings? This way he wouldn't have to be a co-borrower and bring his less stable credit/job history into the picture. Can this be done?

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Erin,

Most lenders will assist you in choosing the best way for you to apply for a mortgage.

That being said, I suggest verifying your husbands credit history at http://annualcreditreport.com This site is free once every 12 months and you can have access to all three credit reporting agencies to see if there are any discrepancies. The site allows you to dispute discrepancies online.

HUD, also offers housing counselors, who for a fee will assist you and your husband to decrease your debt so you both credit scores can be raised. See the right hand column of this website for counselors and home buying programs (you may qualify)
http://www.hud.gov/local/index.cfm?state=mi

There are many lender members available on Trulia that might be good choices. There is also a list of companies on the HUD website, or you can try http://mumloans.com They were offering free pre-approval.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Fri Aug 22, 2008
good morning....nato did a nice job of explaining things....good advice.....why not call challenge me to get you the financing you and your husband want?.....i have almost 14 yrs. of experience...bob mcclure- mortgage now- farmington, michigan (248) 974-4444 direct cell........
0 votes Thank Flag Link Fri Aug 22, 2008
I agree with Nato's answer. I had a client who husband was good credit and wife, not so good........mid 500's. However we did need both incomes to qualify. FHA took both. It may be worth a try, to try it both ways and see what happens.
0 votes Thank Flag Link Fri Aug 22, 2008
Hi Erin. That is good thinking, however, a lender will not accept the income the way you are suggesting. Any income on an application would have to be your income only so you can't use anyone else's unless they are on the loan.

You may want to consider someone you know who can be on the loan with you as a "non-occupant co-borrower" to help you qualify. The person doesn't have to live with you but can use their income and credit to help you qualify. In most cases, lenders would prefer someone who is related to you.

P.S. FHA (or lenders doing FHA) generously accept FICO scores as low as 580 (sometimes lower), depending on the lender, so you may still be able to include your husband's info. FHA loans are "story" loans, meaning that if you have a good explanation of your husband's job history, you may still be able to use his information.

I hope this helps and good luck with your home buying venture! I hope you find what you're looking for in a home!

-Nato Ruiz
0 votes Thank Flag Link Thu Aug 21, 2008
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