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jenlhlarson · Joined: 14 Sep 2008 Posts: 1 1.43 Dollars($)

This is a multi-part question. I am active duty military, I have good credit and a low DTI, however my wife's credit is just okay, since we're moving to a new area she won't have any income at the time to contribute to the loan picture and she has additional credit card debt.

Can I apply for the VA eligibility certificate without my wife on the application so they won't consider her individual debt?

Can I apply for the VA loan with a financial institution without my wife on the loan and just have her on the deed of the home?

Before we apply for the loan we want my DTI and credit score to be at it's best. If I pay off a larger balance credit card before the end of this month will it increase my credit score for the October reporting since my revolving available will go from 15% to 95% or does it take several months of 95% revolving available to positively impact the credit score?

Thank you for your expertise everyone!

kpatrick · Posted: Sun Sep 14, 2008 6:07 pm Post subject:

Hi jenlhlarson,

Yes, you can apply for the VA without your wife, and she can be on the deed only.

Regarding your credit...it is best to keep you total balance to credit limit ratio below 30%. Which means you don't necessarily need to pay the balance off in full. Credit scores can be affected pretty quickly by changes in balance ratios, but I would try to pay off what you intend to by the 20th of the month so it has time to register with the bureaus.

You didn't mention your credit score, but as long as it is above 680, I wouldn't worry much about it. In fact, you may be a stronger borrower if you keep your cash in your bank. As long as your ratios are below 30%, your scores are above 680 and you have savings in the bank, you should be golden.

And I also wanted to say...thanks for the sacrifice you and your family give for the rest of us Americans. I really appreciate what you do, so we can continue to do what we do!

Cheers,
Kim

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

Yes you can apply for the mortgage in just your name and your wife's obligations will not be considered. As stated above, she can be on title if you would like her to be.

I would also like to add that paying off revolving credit card debt will inprove your credit score dramatically. So if your at 95% of your limit, it is likely that your score has been affected. However, you do not have to pay it in full to get the benefits of a score increase. As long as you don't owe more than 50% of the limit, you won't be penalized much at all., It's when you go over this threshold that your credit score gets hit. So you may want to pay most but not all of it so that you can put the difference in the bank for reserves. This is a happy medium vs the all or nothing senarios that were given above.

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Can I apply for a VA without my wife?