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My husbands credit is excellent but mine is not. What can I do to contribute to his income but not include my credit?

by sdmidyette125 from Morehead City, North Carolina. Jul 6th 2016 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,917 contributions

More info needed, but there is little you can do if your scores are below the minimum acceptable scores.. Current guidelines allow for a non-borrowing spouses income to be considered as a "Compensating Factor".. meaning it can be used to allow the borrower to go above the minimum debt to income ratios's which is currently 45%, but with the added income, you can go to 50%.. That is the only leeway you gain.. If this slight improvement does not get you there, then your income cannot be considered unless your on the loan with your husband. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jul 6th 2016
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Scott Fix (ScottFix)
#1328 ranked lender in California - 184 contributions

How bad is bad? If necessary, seek for a bit of credit restoration help from a reputable company at a reasonable (month to month) price. Try http://www.xperiacredit.com/They can help to scrub your credit to help you get into the game as a borrower as well.

Jul 6th 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,515 contributions

Essentially, if you don't have the credit, you can not be on the loan, and therefore your income doesn't help. My advice is to stop looking for loans, and work on credit first. But there is one newer option, that allows us to consider other household income as a compensating factor to allow HIM to go from a cap of 45% debt to income to 50% debt to income. Sounds better than it is, and for many people, it doesn't really do anything.

Jul 6th 2016
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Melissa Stutes (MelissaStutes)
#28 ranked lender in Hawaii - 100 contributions

To use your income, you'll need to be credit qualified. If you need your income to qualify because of your debt-to-income ratio, then the best advice I can give is have a local lender/broker run your credit and review it. They may be able to suggest some things you can do to improve your credit. Improving your FICO score isn't something that happens over night but it can happen a lot faster than you think if you put a plan in place. Best of luck!!

Jul 6th 2016
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