Profile picture for npaul71

My husband is applying for mtg on just his income. Will lender look at our joint check acct?

I have debt too (car payment & student loan).
  • August 30 2013 - US
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Answers (6)

The answer is yes and no. If that is the only bank account you have.  Yes they will look at the bank account to make sure you have enough money to cover the expenses of closing the loan and you do not have NSF.
As for debt, they will only be concerned with the debt he has on HIS credit report.  So even if he pays for your car note, if the car note is only on your credit report then it is no concern to the underwriter because HE is not obligated to pay the note, you are.
  • August 31 2013
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Profile picture for npaul71
Would never want to foreclose.  I am presently in the process of looking for a job.
  • August 30 2013
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Profile picture for wetdawgs
While what he can do based on his income and debts may be one thing, Think about the reality of living. If you have debt, are staying at home without and income and raising a baby, do you really want to be eating beans and rice for years because you didn't take your debt into consideration and stretched too far? Look at the big picture. Foreclosure is not fun.
  • August 30 2013
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Profile picture for npaul71
We are applying for a VA loan.  We live in NJ that is one of the States that does not include joint marital debt.   We have a shared checking account that shows payments for my car, student loan, and credit card.  If we need to supply the mortgage company with our bank statements, how do we differentiate between his debt and mine.  My husband has excellent credit and his only debt is his car payment & student loan.  I just had a baby and am presently unemployed, so for now he is paying my debts too.   He makes $78k yr. We don't know how high we can go with a mortgage.  He was pre-approved for $270K using his debt only.   Do we need to disclose mine?
  • August 30 2013
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Profile picture for GMerino
Yes.  Is he applying for a conventional or FHA?  If an FHA home loan what state are you in please?

Only reason I ask is you mentioned debt and there states that if you do an FHA home loan your debt would be included in his ratios because of the community property state deal.
  • August 30 2013
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Profile picture for wetdawgs
Yes, of course they will look at your joint account.  
  • August 30 2013
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