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My score is 777,my hubsands 750; I am a recent stay at home mom, will the lender use my score w/out income?

I quit my job to homeschool in Nov 07 and we found our ideal home and community last weekend; now I am concerned that my credit will not be taken into consideration without having income. The house is $361K, property tax is about $9K, my husband's income this year is $104K+/-...will they consider my income from previous years..$70K. Any and all feedback greatly appreciated..... I just want to have an idea where we are before contacting lenders/brokers. by costamesamommy01 from Costa Mesa, California. Apr 19th 2011 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,944 contributions

I've been providing residential lender for nearly 20-years, I know of no program that allows us to consider former employment income. NOW THE GOOD PART. It shouldn't matter. I just quickly ran the basic parameters (price, income, taxes), and it would appear as long as he doesn't have a lot of other debt, you should be able to qualify based on just his current income! Buying a home in MN or WI? Visit www.MnBestRates.com

Apr 20th 2011
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Gianni Cerretani (mortgagegodfather)
#33 ranked lender in Georgia - 238 contributions

Unfortunatley your income would not be able to be used but as long as you do not throw off the debt to income ratio you should be able to be on loan regardless of having no income. The other option is staying off the loan and just being on the title. This still allows you to be an owner of the home with out have the financial liability.

Apr 20th 2011
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Marlon Mitchell (mmitchell)
#7 ranked lender in Missouri - 51 contributions

Your credit won't be taking into consideration; however, your husbands credit and income may still be good enough to quailify for the loan himself. Both parties can still hold title to the property his credit & income will only be used to quailify.

Apr 19th 2011
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Chris Gummerson (cgummerson11)
#394 ranked lender in California - 648 contributions

Hello Costa Mesa, You would not be able to use your income from the past, as you are currently not recieving a pay check. If you dont have many bills, your husbands income should be sufficient. Are you looking for FHA financing with 3.5% down or are you looking to place more down via a conventional loan? Are you in Costa Mesa? Our company is a Direct Lender located in La Palma and live in CM. Please contact me if you would like a lenders pre - approval. Thank you, Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125 ext. 2267

Apr 19th 2011
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Jake Belcher (JakeBelcher)
#18 ranked lender in Kansas - 87 contributions

Need to qualify off of his income only. You can still be on the loan as long as the debt ratios fall in line. The easiest way to find out is to simply get in touch with me and we can tackle it. Thanks and hope to here from you.Thank you,Jake

Apr 19th 2011
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Tom Stevens (Thomas.Stevens)
#21 ranked lender in Massachusetts - 68 contributions

Short answer is Yes, but in "using your score" without income then what are your showing the lender in terms of ability to pay back the loan. Add your husband to the loan and stop fretting over a small difference in credit score; it's inconsequential.The problem may arise where you add too much of your own debt without adding any income to the application. If you have no individual accounts and share all of your debt with your husband this will have no effect.Happy househunting! Let me know of any more finance questions. TomThomas J. Stevens, Flagstar Bank - financing in 50 statesThomas.Stevens@Flagstar.com

Apr 19th 2011
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Richard Glover (rglover)
#37 ranked lender in Illinois - 69 contributions

You can be on the loan, you husband's score will be the one considered but, you may not have the correct score depending on where your information if from. If you are using a free consumer report then it does not have the same layers of risk as a mortgage credit report so the score can be completely different. Lowest middle score of all borrowers is what gets used these days!Your income from previous years doesn't matter because it is no longer household income. Other answers provide sufficient information about being able to qualify with your husband's income! Good luck!

Apr 19th 2011
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Rudi Hofmann (CaPortfolioLoans)
#279 ranked lender in California - 380 contributions

Your credit scores are excellent. You didn't mention how much of your household earnings go out for debt every month or if your husband is a W-2 wage earner or self-employed or how much you plan to put down and how much money do you have in reserves. Property tax sounds high. Should be less than half of $9k. If you don't have considerable debt and $104k is your household's taxable income with two months PITI in reserves I think you will be in fine shape to purchase that "ideal home." ..... Happy funding, Rudi

Apr 21st 2011
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Matt Baker NMLS#190779 (MattBaker)
#31 ranked lender in Arizona - 75 contributions

You can only qualify off of your husband's income of $104k, which is $8666 a month. Depending on how much down payment you have, you are looking between $2500-$2700 a month including taxes and insurance. With the above income, that would allow you to roughly have $1000 additional debt and still qualify. In order to finalize these numbers I need to pull your credit and run this through my automated underwriting system. I can give you a clear picture then but it ultimately depends on the rest of your debt picture. Give me a call and I can run the details. Thanks

Apr 26th 2011
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