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Non purchasing spouse

My husband will be doing a VA loan, in TX, and I will be a non purchasing spouse. He has no debt (no car loan, nothing on his credit card) makes $75k a year plus commission, has significant savings and investment, and a 740 credit score . I am a stay at home mom. I am a cobuyer on a car, but it's my dads car and he makes all payments. 5k left on that. 6k student loans always paid on time. Big thing is a 6.5k medical bill in collections from a hospital stay 4 years ago with no insurance-before we were married. And a few that are 5-6 years old for roughly $400 each. Am I going to mess up our rate or cause penalties? Will we absolutely have to pay any collections before closing?
  • October 28 2012 - Austin
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Answers (3)

Best Answer

Very unlikely that you will be asked to pay the collections.
If you are asked to do so, find another lender!!!

I haven't seen anything that needed to be paid off in years.
But I have heard stories from some clients about being asked to pay them at other mortgage companies.

You will NOT mess up the rate. As long as you have no liens or judgments, you will not hurt the loan at all.

Apply!!
  • October 28 2012
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Since you are not going to be on the VA loan, if you can show proof that this is your debt, acquired prior to your marriage, the lender should disregard the debt & the collection status, when qualifying your husband for his loan.

All the best,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
  • October 28 2012
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Thank you so much! I've been so worried about this it's been taking all of the fun out of looking to buy our first home!
  • October 28 2012
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