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Can I use both mine and my husbands income to apply for Mortgage w/o him being a cosigner in Texas?

I have great credit but little income ( I am a disabled vet). My husband has good income but horrible credit (594) So since Texas is a community state and I would have to include his debt when apply can I also include his income?
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May 23 2010 - Brownwood
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Answers (3)

Hi Jamie - The only way to include his income is for him to be on the loan as a co-applicant. There are a select few lenders that will still accept credit down to a 580 for FHA, but please understand that you will pay dearly for it in terms of the rate on your loan. Your best bet may be to address his credit issues and get him above a 620.
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May 23 2010
You would have to count his debt in TX (which is a misunderstanding on the part of VA because although TX is a community property state, state law specifically states that you are only responsible for debts you actually signed for, but good luck explaining that one to VA), but unless he actually applies with you, you would not be able to count his income.  The really funny part about that is that his income is actually community property, and if you manage your finances like most couples, is subject to joint control and disposition, so they have it exactly backwards when they count his debts but not his income.
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May 23 2010
I am not a loan officer but it sounds like you need to get your husbands credit up to 630 for an FHA or VA loan.....  I do not believe you can have it both ways.  If you want to use your husbands income I would guess you are stuck with his credit.
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May 23 2010
 
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Can I use both mine and my husbands income to apply for Mortgage w/o him being a cosigner in Texas?
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May 23 2010 | 3 answers
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