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Me and my wife are trying to get a vacation a home in MI. We were told that we could not proceed with the loan because of the debt to ratio being to high. We are doing the loan under my wives name because my credit is shot. We currently lease a condo, which I pay the rent. We were told it was denied because both of our names are on the lease and because it is a marital home. Although I have proof that I pay the rent, they aren't willing to proceed with the loan. Does this sound right? Any and all input is appreciated.
Michigan is an equitable distribution state. This means that with regard to Michigan divorce assets, anything the spouses had pre-marriage usually will not be included in Michigan divorce assets or Michigan divorce property. The only property that comes into the court's distribution is that which is legally classified as property of the marriage subject to Michigan case law.
What is considered Marital and Non-Marital Property?
Marital property consists of all items acquired during a marriage.
One thing I would need to mention is that we live in CA, but we don't own any property here or anywhere else. Not sure if that makes a difference or not
Um, not to be snotty, but maybe you should fix your credit first before applying for a vacation home? (Sorry, it's hard to say that without sounding snotty.)
Me and my wife are trying to get a vacation a home in MI. We were told that we could not proceed with the loan because of the debt to ratio being to high. We are doing the loan under my wives name because my credit is shot. We currently lease a condo, which I pay the rent. We were told it was denied because both of our names are on the lease and because it is a marital home. Although I have proof that I pay the rent, they aren't willing to proceed with the loan. Does this sound right? Any and all input is appreciated.
thanks:
Yes, that is right. If it shows up on her credit report, then they will count the debt against her. What my company does in this case, would be to ask for 12 months cancelled checks showing that you are paying for it. But if that money is coming from a joint account, then it won't work.
no problem, but the credit isn't the reason it was denied. We have the down payment and everything else is good, except that we were told that because she is on the lease they have to place the rent amount into her monthly debt, although I am the one paying the rent.
Yes, that is right. If it shows up on her credit report, then they will count the debt against her. What my company does in this case, would be to ask for 12 months cancelled checks showing that you are paying for it. But if that money is coming from a joint account, then it won't work.
I told her that I would provide all the cashed checks she needed. My account is not a joint account. So that baffled me because I thought the exact thing you mentioned.
no problem, but the credit isn't the reason it was denied. We have the down payment and everything else is good, except that we were told that because she is on the lease they have to place the rent amount into her monthly debt, although I am the one paying the rent.
oh ok, I realized after I posted that it was a rental. The only other thing I can suggest is trying to add you to the loan. How bad is your credit? Do you have any major late payments in the past 12 months? Or late real estate payments in the last 24?
oh ok, I realized after I posted that it was a rental. The only other thing I can suggest is trying to add you to the loan. How bad is your credit? Do you have any major late payments in the past 12 months? Or late real estate payments in the last 24?
So if her name is on the mortgage, why isnt the loan officer combining your income as well? They are able to do that even though you are not a mortgagee.
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