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jtl
Guest
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 Posted: Wed Nov 04, 2009 1:33 pm Post subject: Whose information is used during the application process? |
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| My boyfriend and I would like to get married and buy a house. However, as a law-student, I will have a substantial amount of student debt. If I am not going to be on the mortgage, will the lender still look at my income/debt if we are married? |
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 sonjakracine
Joined: 24 Oct 2007
Posts: 73
Location: Lafayette,IN
14.50 Dollars($)
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| Posted: Thu Nov 05, 2009 7:52 am Post subject: |
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Nope. If you are not on the loan they have no reason to look at your credit. Now if you have joint debt they will see that but nothing that is in your name alone.
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Sonja Racine
Home Mortgage Consultant
www.wfhm.com/loans/sonja-racine |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Thu Nov 05, 2009 10:01 am Post subject: |
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and if a lender should ask, jtl, they're not in compliance with law. you need not disclose any of your information if you are not a party to the loan.
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George M. Akerley
Loan Consultant
860-221-5044 |
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jveenstra
Community Experts
Joined: 10 Nov 2008
Posts: 340
Location: River Edge, New Jersey
85.80 Dollars($)
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| Posted: Thu Nov 05, 2009 3:15 pm Post subject: Debts |
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If you get married before you buy the house and you are buying in a community property state, your debts will be counted.
If you buy the house before you are married, it does not matter what state you are in, your debts will not be counted.
If you are married and not in a community property state, your debts will not be counted.
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John Veenstra
Senior Mortgage Consultant
Approved Funding Corp
41 Grand Avenue
River Edge, NJ 07661
800-475-0123 Ext 278
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Greg Cook
Guest
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| Posted: Thu Nov 05, 2009 5:14 pm Post subject: Whose information is used? |
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If you are buying in a community property state AND getting an FHA loan, when you are married they will look at both credit reports and count your debts. If you purchase before you are married, then your debt won't be counted.
If they are not using your credit you will not be able to have your income considered.
Conventional financing in a community property state does not require the spouse's credit to be considered, but it also requires larger down payments.
Good Luck |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7448
Location: bloomfield, ct
70.12 Dollars($)
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| Posted: Mon Nov 09, 2009 3:13 pm Post subject: |
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not being in a community property state, i find that i tend to neglect that aspect of these inquiries. i will try to do better.
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George M. Akerley
Loan Consultant
860-221-5044 |
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