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My husband and I are trying to buy our first house. We've been preapproved by two lenders for an FHA loan, but the house we decided on requires that we use the builder's lender in order to get their incentives (4% toward closing costs). We've run into a little problem because the lender is telling me that even though my student loans are in deferment they have to be counted as debt since they're only deferred for 6 months at a time as opposed to 12 months. So, I decided to take myself off of the loan since my husband is the sole income provider anyway, all I bring to the table is 45,000 in student loans (though I do have excellent credit). Now the loan officer is telling me even if I'm not on the loan she still has to count my debt against my husband because we are married. We have friends who are married and have bought houses without having both people on the loan due to the exact same situation. Is this lender full of it or is there validity in what she's saying?
This loan officer does know what they are talking about. On FHA loans both spouses debts must be on the application even if doing the loan in just one of their names.
Your loan officer is also correct about the student loan payments must be counted against you even though they are deferred.
If you are doing a conventional loan then only the spouse on the application debts are used.
This loan officer does know what they are talking about. On FHA loans both spouses debts must be on the application even if doing the loan in just one of their names.
I just closed on a FHA loan, and nothing from my wife was used. did this just change in 2010? Im also not in a community property state..
You do not have to have your spouse on the application but a credit report is ran and if any debts are just in the other spouses name they must be included in debts.
Does your wife have any debts just in her name alone?
You do not have to have your spouse on the application but a credit report is ran and if any debts are just in the other spouses name they must be included in debts.
Does your wife have any debts just in her name alone?
Yes, she has some. and looking at the UW findings report they didnt use any of her information....
Sorry, didnt read your entire post.. since you are not in a community property state you didnt have to include wife's debts. This is only true in community property states.
Sorry, didnt read your entire post.. since you are not in a community property state you didnt have to include wife's debts. This is only true in community property states.
No problem, thats what I thought....
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