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Old 11-04-2008, 05:33 PM
 
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Is it mandatory for husband and wife to provide documentation and credit pulls when obtaining a mortgage, or can income earner do it alone if so desired? Thanks.
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Old 11-04-2008, 06:19 PM
 
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I have had 3 mortgages ( in the past 4 yrs), all have been just on my credit and income. This was before the "meltdown" though. Not sure if that has changed anything. Not sure why it would though. If you alone can prove you can make the payments, then I don't see why they wouldn't give it to you. So, YES, you should be able to do it alone provided your income can cover it and your credit is good. Remembering it they always gave me a choice if I wanted to use my wife's information.
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Old 11-04-2008, 06:52 PM
 
Location: Woodstock
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Depends on the state - where do you live?
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Old 11-04-2008, 07:00 PM
 
Location: Laguna Niguel, CA
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You can still just do the loan in one spouse's name - nothing has changed. One thing to be aware of when doing government loans when living or buying in a community property state - debt payments of the non-borrowing spouse are still included in the debt to income ratio.
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Old 11-04-2008, 07:31 PM
 
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I am in Georgia and for my recent new house, I was the only one on mortgage application however the wife is on the deed though.
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Old 11-04-2008, 07:36 PM
 
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I have the mortgage entirely in my name and the deed in my name and on my credit. No income or debts of my husband's were considered.

Now, if we were to get divorced half the house would still be my husband's - due to state laws.
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Old 11-05-2008, 08:28 AM
 
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Thank you all so much. So in NC, not a community property state, the non-borrowing spouse will not be required to produce a credit report for debt-to-income ratio information nor any other information? If this is the case, this would be a definite advantage. Thanks again.
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Old 11-05-2008, 09:29 AM
 
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This isn't quite a one-size-fits-all question. Different types of loans have more stringent (or lenient) application requirements. Example: FHA will allow one spouse, USDA/Rural will not. Mainly because of the income limitations on some programs. They must account for the entire household debt/income to make sure you conform to their guidelines. Operating outside of these guidelines and extending support to non-qualified borrowers would undermine the program, essentially taking money away from those who really need it.

Aside from that, most lenders would prefer to see the worst case scenario in terms of income/debt. That way, they're not playing as much of a guessing game to "can they or can't they repay?"
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Old 11-05-2008, 10:38 AM
 
Location: Laguna Niguel, CA
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Quote:
Originally Posted by jctx View Post
Thank you all so much. So in NC, not a community property state, the non-borrowing spouse will not be required to produce a credit report for debt-to-income ratio information nor any other information? If this is the case, this would be a definite advantage. Thanks again.
That is correct!
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Old 11-05-2008, 01:28 PM
 
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Quote:
Originally Posted by shammy79 View Post
This isn't quite a one-size-fits-all question. Different types of loans have more stringent (or lenient) application requirements. Example: FHA will allow one spouse, USDA/Rural will not. Mainly because of the income limitations on some programs. They must account for the entire household debt/income to make sure you conform to their guidelines. Operating outside of these guidelines and extending support to non-qualified borrowers would undermine the program, essentially taking money away from those who really need it.

Aside from that, most lenders would prefer to see the worst case scenario in terms of income/debt. That way, they're not playing as much of a guessing game to "can they or can't they repay?"
If you are using the USDA DIRECT loan,they will allow it.
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