Buying A Home
juliamarie32
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
One Spouse on the Mortgage but Both Spouse's Income Considered?
Hi there!
Bear with on some background info here for a moment - so my husband and I are hoping to buy a home in the next year or two. We both have bad credit. However, mine is completely shot. With my extraordinarily high student loans and dumb college mistakes - there's not chance of me getting my credit up any time soon. However, his isn't so bad. His main issue is that he's never had anything on it - no car loans, no credit cards, etc, so he really doesn't have much of a history except for a bad medical bill from a few years back. So the good news is, his is going to be pretty easy to raise up
! Yay - progress!
Now, we rely heavily on, and are a two income household. We make close to the same a month and make *decent* money considering our age and part of the country we live in. Not great. Not awful. Obviously considering both of our incomes we would be able to "afford" more house. We have friends who just purchased a house with a similar situation (she had bad credit, he had good) so they put the mortgage under his name. However, they mentioned that the bank was working with them to include BOTH their incomes but only his credit score. My question is:
Is this possible? Have any of you heard of such a thing? If so, where can I get information on this process?
Thanks-
Juls
Bear with on some background info here for a moment - so my husband and I are hoping to buy a home in the next year or two. We both have bad credit. However, mine is completely shot. With my extraordinarily high student loans and dumb college mistakes - there's not chance of me getting my credit up any time soon. However, his isn't so bad. His main issue is that he's never had anything on it - no car loans, no credit cards, etc, so he really doesn't have much of a history except for a bad medical bill from a few years back. So the good news is, his is going to be pretty easy to raise up
! Yay - progress!Now, we rely heavily on, and are a two income household. We make close to the same a month and make *decent* money considering our age and part of the country we live in. Not great. Not awful. Obviously considering both of our incomes we would be able to "afford" more house. We have friends who just purchased a house with a similar situation (she had bad credit, he had good) so they put the mortgage under his name. However, they mentioned that the bank was working with them to include BOTH their incomes but only his credit score. My question is:
Is this possible? Have any of you heard of such a thing? If so, where can I get information on this process?
Thanks-
Juls
Re: One Spouse on the Mortgage but Both Spouse's Income Considered?
Yes, you can get more house with 2 incomes, but you also get more $$ going out for mortgage, taxes, upkeep, utilities, etc.with less cushion for "life".
My friend and her DH got their loan in just his name using just his credit and income, because her credit score was terrible. The bank would not allow her income to have anything to do with it, because she would not be on the loan.
Quite frankly, it turned out to be a HUGE blessing they just used his income for the loan. She got pregnant a couple years later and quit her job to be a SAHM.