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Old 08-19-2015, 02:35 PM
 
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If I am not putting my spouse on the loan will they use his debt against me ? he owes back child support and medical bills and has a low score, he's agreed to sign a quitclaim deed or whatever necessary, I do not need to use his income, my credit score ,dti, etc is good enough to qualify by myself.
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Old 08-19-2015, 03:15 PM
 
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FHA may pull his credit and they may use his debt or other liabilities in determining your DTI. I'd ask a mortgage broker to be sure as I'm sure they rules vary state by state.
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Old 08-19-2015, 04:28 PM
 
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No, they won't pull and use his info if not in the loan.
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Old 08-19-2015, 05:05 PM
 
Location: California side of the Sierras
11,164 posts, read 7,070,278 times
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Lending rules change all the time. Have you asked this question in the Mortgages sub-forum (of Real Estate)? There are some people posting there currently working in the mortgage lending industry.
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Old 08-19-2015, 09:01 PM
 
Location: Beavercreek, OH
2,194 posts, read 3,639,990 times
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Quote:
Originally Posted by Jgraham87 View Post
If I am not putting my spouse on the loan will they use his debt against me ? he owes back child support and medical bills and has a low score, he's agreed to sign a quitclaim deed or whatever necessary, I do not need to use his income, my credit score ,dti, etc is good enough to qualify by myself.
One word of advice on a FHA loan: Don't.

The lower down payment (about 3.5%) isn't worth the higher interest rate. Worse, you have to pay PMI - private mortgage insurance - for the life of the loan regardless of how much equity you get in the house. Sure, you can refinance - if you think the prevailing interest rates in the future will be as low as they are today. And be prepared to pay quite a bit in fees when refinance time comes.

Seriously, just save up 5% instead of 3.5% and get a conventional loan. That way, you won't pay PMI once you get to 20% equity.
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Old 08-19-2015, 09:15 PM
 
Location: Denver
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Avoid FHA mortgages!

The fees are nuts.
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Old 08-19-2015, 10:31 PM
 
25,475 posts, read 19,468,740 times
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Quote:
Originally Posted by hensleya1 View Post
One word of advice on a FHA loan: Don't.

The lower down payment (about 3.5%) isn't worth the higher interest rate. Worse, you have to pay PMI - private mortgage insurance - for the life of the loan regardless of how much equity you get in the house. Sure, you can refinance - if you think the prevailing interest rates in the future will be as low as they are today. And be prepared to pay quite a bit in fees when refinance time comes.

Seriously, just save up 5% instead of 3.5% and get a conventional loan. That way, you won't pay PMI once you get to 20% equity.

It's mip on fha vs pmi on conv but there are a few reasons people might go that route, the rate aren't always worse, dti, credit score, foreclosure history etc. I too would avoid it as well though
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Old 08-20-2015, 08:47 AM
 
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Another question ,, what exactly is the 8000 tax credit I'm not sure I understand completely how it works can I use that for closing? Obviously closing cost won't be 8000 I'm guessing 3 or 4 at most so where does the remaining go? Towards the loan amount ? I haven't ask the morgage company yet bc I wanted to go in knowing my details before hand. And how long will it take to close on a fha 30? If I have all my paperwork ready ...
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Old 08-20-2015, 09:02 AM
 
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Oh and if they were to use his debt , I have 2 jobs one for 7 years which I will be using for the loan and the other is just part time (weekend) but it's another 800 a month,, won't be able to use it on my dti though right bc Iv only been at that one fir 1 year so 1 w2,, but if they count his debt against me than they could count that other income to cancel each other out?
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Old 08-20-2015, 09:27 AM
 
12,016 posts, read 11,481,910 times
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Quote:
Originally Posted by Jgraham87 View Post
Another question ,, what exactly is the 8000 tax credit I'm not sure I understand completely how it works can I use that for closing? Obviously closing cost won't be 8000 I'm guessing 3 or 4 at most so where does the remaining go? Towards the loan amount ? I haven't ask the morgage company yet bc I wanted to go in knowing my details before hand. And how long will it take to close on a fha 30? If I have all my paperwork ready ...
Closing costs are easily over $8000. I was looking at a home under $75K and the closing costs were over $9000.

Loan origination fee $1200 to $1500, plus first years taxes and home insurance plus other closing costs add up quick.
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