Buying A Home
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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.
Only one person on the mortgage?
I've seen some about this & have a few questions. DH currently owns a condo. It's in a desirable area near our local college & would be fairly easy to rent (we know because there are several rented units & they don't stay advertised long). However evidentially this will not change our debt to income ration, despite the fact that having a renter would cover the majority of our mortgage. We are considering getting a loan with my information only - I have perfect credit (which he does not) & very little debt. Any idea if I could qualify for an FHA or USDA loan if DH has an FHA on his current place? We were told when we were applying jointly that they will look at all "residents" income to be considered for qualification - does that apply if the house is only in one of our names? TIA!!
Re: Only one person on the mortgage?
DH and I own a small collection of homes, so yes, it's possible. (Honestly, it's accidental, our crystal ball is broken - we keep getting transferred after buying.) We only ever put one person on the mortgage so the other person's credit is free to buy a house, car, whatever.
If you live in a community property state (Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin), there's no such thing as his and hers houses, only theirs. If you live in the remaining states, you can have just one spouse on the mortgage. For FHA, I'm fairly certain you can have his and hers, but don't hold me to it.
Note: this is NOT the same as the deed. Many (most?) jurisdictions require that both spouses be listed on the deed filed at the courthouse. The deed has nothing to do with credit or income or the mortgage application process.
Note 2: it's totally normal for them not to count potential rental income. You often have to show a year or two of rental income history plus a current lease before they'll count it.
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Thinking of doing cosmetic updates to a dated home? These were our costs.
My husband is the only one we are putting on our FHA loan. It just what makes the most sense in our situation. I have no impact/influence on the financing. That being said obviously the amount we were pre-approved for was only reflective of my H's income/debt/credit.
I live in Texas and am the only one on our conventional mortgage. We refinanced the house from HIS mortgage to MY mortgage and they did not need anything from him except a few signatures. With my excellent credit rating and low D/I ration we dropped the interest rate several %.
However, BOTH of our names are on the title.
I am the only one on the loan for the house we currently live in. When we find a new house, DH will be the only name on that loan. We will rent this house out but since we cannot count rental income for xx months, having only his name on the new loan works out best for us because of debt/income ratio.
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