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My Husbands Credit Will Be A Train Wreck Soon! Will It Affect ME Buying A House?


msdolly
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My husbands credit will soon be a train wreck!! He will have a foreclosure and 2 car repossession on his credit. I plan on buying a home in MY NAME using MY GOOD CREDIT in about 6 months. Will this some kind of way affect me getting approved for a house? When I fill out my credit application will they ask to see his credit even though he's not on the loan I'm applying for? I heard FHA, Fannie Mae, Freddie Mac won't approve you without pulling the spouses credit to see his debt. Once the repos and the foreclosure hit I'm guessing they will look at that as debt. What should I do?

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FHA does have their own requirements regarding a non-purchasing spouse. Links:

http://www.hud.gov/offices/hsg/sfh/ref/sfhp2-08.cfm

Edit: I think this requirement for a credit report is in community property states only, and Texas is one, but I am not positive. I know, regardless, that if you exclude him from the credit portion then you must also exclude all of his income so you'd have to qualify for the loan on your income alone.

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As long as your income and down payment can support the home and you don't plan on going FHA, then you should be fine. That is what my wife and I did a few years back. My credit was a trainwreck and my wife's was pristine (+800). We bought the house with "her" downpayment and based solely on her income. It was as if I didn't exist.

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We just bought our house 12/31 based solely on my credit history and income. My wife is a stay at home mom with no income contribution. FHA would only want to see her credit history if our loan was based on any of her income. In our case they didn't even request her social security number. I was pre-approved within 30 minutes and the whole process went off without a hitch.

In your case, if you are having to claim any of your husband's income to qualify for the home, then they will want to see his credit history. In our case the morgage ended up being in my name and the deed was filed in both our names since Florida is a community property state.

Best of luck with your house. It sounds like you should be A OK on it.

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We just bought our house 12/31 based solely on my credit history and income. My wife is a stay at home mom with no income contribution. FHA would only want to see her credit history if our loan was based on any of her income. In our case they didn't even request her social security number. I was pre-approved within 30 minutes and the whole process went off without a hitch.

In your case, if you are having to claim any of your husband's income to qualify for the home, then they will want to see his credit history. In our case the morgage ended up being in my name and the deed was filed in both our names since Florida is a community property state.

Best of luck with your house. It sounds like you should be A OK on it.

When did Florida become a community property state? Just curious because we are from there and we never had to do that with our house.

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Not sure. All I know is when I asked my Loan Officer if I could have the loan in my name alone, but put my wife's name on the deed, she advised that although the mortgage is in my name alone, legally the deed must be filed in both names.

i would *think* and probally only half right, that a spouse would be on the deed to show only that the spouse would have a "interest" in the property should the other die..for estate reasons..

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Damn guys......take it easy. I got it. Florida isn't a community property state. Does anyone even remember what the point of my post was. I was trying to show the OP that all is not lost with her husband's credit in the toilet. The OP doesn't even live in Florida so I'm sure they could really give a crap. There are now more posts about community property states than the original topic.

Oh yeah......thanks........I stand corrected.

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