vilnel8782

Why can't the lender use only my husband's credit score to approve the loan?

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Hi,
I am new to this forum...I have a question.  My husband is in the process of applying for a FHA/Bond mortgage loan to purchase a new home.      His income is Social Security (SSD),  the income is broken down in four, meaning he gets the largest amount of income in one check and me and our two children get 3 smaller  beneficiary separate checks.      When my husband submitted the 1099 forms, he was told that in order to use the total income,  that they need to add me to the loan and require both credit scores.    My husband  would like to use only his  score  because mine is too low.       I don't understand why,   they are counting my income as separate,  when the 1099 forms have my husband's social security number on them. I am not employed, the total income it's all part of his Social Security benefits.      Back in 2007, we got a mortgage, using only my husband's score and our income was the same as now,  (Social Security) the total household income was used to obtain the loan and I was only on the deed.    Is this a new rule?     Or is it, what  this lender requires?   Please help!   We have been renting a home for 4 years now, have great rental history, really want to be homeowners again.
 

                                        Thanks for reading, 

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I would say that his income is low and that they need both yours and the kids on it to help raise it. One thing you can do if it's not already done is to have him be made payee for the kids. That will raise the income a bit. SS can do that with a quick appearance at their local office, then get a letter from them showing that. I had to do that before I bought my home four years ago.

 

As a final effort, you may have to add your info even though it's not great. I've dealt with SS for fifty years and have had to jump through their hoops many times. Good luck.

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It might also be a function of the lender.  If I were you, I would make some calls to a few lenders and ask about their policy.  Married people have the right to apply for & get a mortgage in the name of one spouse - done all the time.  But the source of the income could present some difficulty there.  Is your husband receiving SSDI or SSI?  It could make a difference in applying for a mortgage.

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Hi,

I am new to this forum...I have a question.  My husband is in the process of applying for a FHA/Bond mortgage loan to purchase a new home.      His income is Social Security (SSD),  the income is broken down in four, meaning he gets the largest amount of income in one check and me and our two children get 3 smaller  beneficiary separate checks.      When my husband submitted the 1099 forms, he was told that in order to use the total income,  that they need to add me to the loan and require both credit scores.    My husband  would like to use only his  score  because mine is too low.       I don't understand why,   they are counting my income as separate,  when the 1099 forms have my husband's social security number on them. I am not employed, the total income it's all part of his Social Security benefits.      Back in 2007, we got a mortgage, using only my husband's score and our income was the same as now,  (Social Security) the total household income was used to obtain the loan and I was only on the deed.    Is this a new rule?     Or is it, what  this lender requires?   Please help!   We have been renting a home for 4 years now, have great rental history, really want to be homeowners again.

 

                                        Thanks for reading, 

There is a good reason for that.  The children's checks are just that. The children's.  This money the children receive is NOT your husband's income. Period.  Neither is yours, your husband's income.  The bank is really only seeing the one check that is made out to your husband as his income.  It's probably not enough and are suggesting that adding yours would increase income on the application, however, to add your check would mean to add you to the loan and so they would have to run your credit also.

 

I agree with TomnTex, if your husband is made the children's payee, then he could count their SSA checks because that money CAN be used by the payee as long as it is a beneficial necessity to the children and a rood over their head certainly is.

 

I don't know if it was explained to you by SSA (because they don't always make everything very clear in my opinion) is that you must keep up with where every penny of the children's checks are spent and they can request that proof at any time without notice.  Hopefully you are keeping receipts, and if not, I would start doing so immediately. 

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I receive SSA and benefits  I receive 1593$ month and I am payee of the two kids ,which they get 400$ each a month I can't be on the home loan because of shotdy default judgment,which im i n the process trying to appeal,set aside now!! But we need kids or mi e or both inco e to qualify?? Can I appoint my husband as payee over our income and the underwriter of home loan use ssa income as his since he is payee and he uses it provide for us?

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