counselor4kids Posted July 27, 2003 Report Share Posted July 27, 2003 We live in Arizona (community property state). My husband scores and income are high enough to qualify for a mortgage, but the loan applications I have seen say that the debts of the spouse will also be considered when figuring the ratios. A lot of the debt was incurred after we married. Is there any way around this? Is there any way to have my income considered if my debt must be included? This sucks! Link to comment Share on other sites More sharing options...
firstsource Posted July 28, 2003 Report Share Posted July 28, 2003 It depends on if the credit obligations in question are in both of your names. If not, then your husband can apply for a loan in his name only, but you will only be able to use his income for the loan.Your name will have to be put on the title of the home when it is purchased, many states are like this, Texas, Florida etc.Charles Link to comment Share on other sites More sharing options...
counselor4kids Posted July 28, 2003 Author Report Share Posted July 28, 2003 Thanks Charles. It is my understanding that in the 7 community property states my husband and I are equally liable for one another's debt. I have credit cards and a car loan in my name only, but the laws seem to say that these debts would be considered in his ratios even if the mortgage loan was only in his name. Do you have any further insight as to whether this is correct? I noticed at the top of the generic loan forms that there is a box to check regarding community property. Link to comment Share on other sites More sharing options...
firstsource Posted July 28, 2003 Report Share Posted July 28, 2003 Arizona maybe different than others, but I just did a loan in Texas that closed last week, doing another that should close next week, and have done several recently in Florida that did not involve the spouse's credit situation. I will verify with some lenders that this holds true with Arizona and get back to you.Charles Link to comment Share on other sites More sharing options...
counselor4kids Posted July 28, 2003 Author Report Share Posted July 28, 2003 That would be great Charles. I'll wait for your reply. I'm somewhat encouraged-Texas is one of the 7 community property states. Link to comment Share on other sites More sharing options...
firstsource Posted July 28, 2003 Report Share Posted July 28, 2003 I have spoken with 2 lenders that confirm what I thought. As long as you are not a co-signer or authorized user on these accounts, they will not count against you as long as you apply by your self.Charles Link to comment Share on other sites More sharing options...
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