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Stay-at-home mom, husband getting mortgage in his name only

My husband has been pre-qualified for a VA loan of up to $270k based on his income and debt alone (car & student loan), however I am a stay-at-home mom and also have a car payment and student loan payment.  I know that during the approval process they will ask for our bank statements which will show 2 car payments and 2 student loan payments.  Will my monthly debts keep him from actually getting the mortgage that he was prequalified for?  TIA 
  • August 30 2013 - Williamstown
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Answers (4)

I did not see anyone ask below if the loan will just be in your husband's name?  If so, we are only concerned with the debts he is obligated to pay.  As well as his resiudual income (how much is left over after paying all monthly obligations--VA requirement).

It appears you have done your research and you will not be spreading yourselves thin. 

Best of luck!  If you would like to compare figures with the other pre-approval he has received, I would be available.  I am local and here to help!
  • August 31 2013
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Profile picture for jayme707
@wetdawgs, that was my mom earlier... I decided to re-ask the question in my own words :)  Had a feeling you would catch that as I see you are quick to respond to most posts. 

I've done the math and we can afford the payments, I just do not want to get too far into the process only to find out that he will be approved for less once my debts come into play.  We're not planning to purchase at our max approval but just trying to understand the approval process as we are both first time buyers. 
  • August 30 2013
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Profile picture for wetdawgs
Your question with a new profile is suspiciously like a post by another poster in NJ earlier today (same income, same stay at home Mom etc).  

While you may find lenders who only look at his income and debts, even though you have debts also and no income, do you really want to do this to yourself?  

Play with the mortgage affordability calculator (link here).   Figure out what you can afford with his debts.   Figure out what you can afford with debts from both of you.    The consequences of stretching too far is that every month will be a struggle.   It isn't always what the rules say you can afford, but it is what you can really afford.  (We have two good incomes, and have always purchased assuming one of us may get laid off.  It has been a good choice.  The choice suggested by lenders would have led us to foreclosures at least twice.   Those are ugly.)



  • August 30 2013
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You should be fine.  If I can be of assistance please contact me through my profile
  • August 30 2013
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