Life After Foreclosure - Loan Modification Forum

kdpamd · 08-21-2009, 05:45 AM

Hello,

I had a questions about buying a new home after foreclosure. My husband purchased a home before we got married in CA. I am not on the loan or the title. I make a decent income and a decent credit score, 720's. Can I apply for a loan using my income only and how much would I need for a down payment? I know FHA take 3.5 percent down. Will the loan officer need to see my husbands income?

knownick · 08-21-2009, 08:55 AM

You can apply for an FHA loan by yourself even if you are married.

HOWEVER, they will pull your spouse's credit and any of their liabilities will be added to yours to determine affordability. So if your spouse has a car loan, credit card balance, etc. on his credit, then those will be deducted from your income to calculate the amount of money you can borrow. They do not take the spouse's actual creditworthiness into account.

So basically you have to count all of their bad stuff (liabilities) without counting any of the good (income).

08-21-2009, 05:45 AM	#1 (permalink)
kdpamd Senior Member Join Date: Jul 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Life After Foreclosure Hello, I had a questions about buying a new home after foreclosure. My husband purchased a home before we got married in CA. I am not on the loan or the title. I make a decent income and a decent credit score, 720's. Can I apply for a loan using my income only and how much would I need for a down payment? I know FHA take 3.5 percent down. Will the loan officer need to see my husbands income?

08-21-2009, 08:55 AM	#2 (permalink)
knownick Senior Member Join Date: Apr 2009 Posts: 130 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Life After Foreclosure You can apply for an FHA loan by yourself even if you are married. HOWEVER, they will pull your spouse's credit and any of their liabilities will be added to yours to determine affordability. So if your spouse has a car loan, credit card balance, etc. on his credit, then those will be deducted from your income to calculate the amount of money you can borrow. They do not take the spouse's actual creditworthiness into account. So basically you have to count all of their bad stuff (liabilities) without counting any of the good (income).

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