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Old 11-20-2008, 02:23 AM
 
90 posts, read 309,159 times
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Can someone advise on the following:

My husband and I are both federal employees - hubby pays all the bills. I have an automatic allotment from my pay of $1500 a month that goes to him every month. We have had this arrangment for a few years. Why? Because he's great at managing money and I'm not.

Our dilemma is - we are looking to purchase a home soon and would like to know if banks would consider my income without me being on the loan? Hubby has excellent credit, but I don't. Our bank account reflects the extra $1500 a month (this has been in effect at least 5 years). We just don't know if lenders would give him credit for that amount without making me get on the loan. If we add my name to the loan, I think it would greatly diminish our chances or increase the interest rate quite a bit.

Please advise. Thank you!
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Old 11-20-2008, 05:26 AM
 
26,589 posts, read 58,329,532 times
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If you want to use the income, you have to use the credit.

Before making a purchase of a home, clean up your credit, pay off any outstanding debts, make all of your payments on time for the next year, then buy a home.

It sounds like you've had money management issues in the past. Perhaps it would be better to qualify on your husbands income so you are living under your means and can put away savings to not get into credit problems again in the future.
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Old 11-20-2008, 08:52 AM
 
Location: Laguna Niguel, CA
768 posts, read 4,184,114 times
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What is your credit like? Perhaps it's not as bad as you are making it out to be.
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Old 11-20-2008, 09:15 AM
 
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It's not too good - FICO score low 500's. But hubby's is almost 800.
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Old 11-20-2008, 09:38 AM
 
Location: Fort Myers, FL
1,286 posts, read 2,760,485 times
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do you make more than him?
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Old 11-20-2008, 10:51 AM
 
Location: Laguna Niguel, CA
768 posts, read 4,184,114 times
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Yeah low 500's are usually indicative of some recent negative marks on credit.

A few questions to determine if you really need your income to qualify or not:

1. Why are you looking to buy "soon"? And when is "soon"?
2. What is his income?
3. What is the sales price & down payment?
4. What are his monthly debt payments (car, credit card, student loan, etc.)?
5. What county/state are you buying in?
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Old 11-20-2008, 02:09 PM
 
392 posts, read 1,476,383 times
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he might be able to qual on his own without your income. Can't count the income without the credit. You could give him a gift for assets if needed on some loans. Have
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Old 11-20-2008, 02:10 PM
 
392 posts, read 1,476,383 times
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.
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Old 11-20-2008, 04:58 PM
 
Location: Laguna Niguel, CA
768 posts, read 4,184,114 times
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Quote:
Originally Posted by NJ987654 View Post
he might be able to qual on his own without your income. Can't count the income without the credit. You could give him a gift for assets if needed on some loans. Have
They likely have joint asset accounts, or if not, add the spouse to the account.
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Old 11-20-2008, 07:19 PM
 
Location: Plano, Texas
1,675 posts, read 6,734,683 times
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You will not be able to use any of your income even though on bank statements. Post back his total gross income, before taxes, what his monthly payment are for credit cards, car loans, student loans, etc.. and approximate price of home you wish to buy. Plenty of people on here will be able to tell you if you have a chance of qualifying in just his name.
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