Posted on: 18th Aug, 2009 10:35 am
I've submitted an application with the bank to purchase a home here in TX. The bank is asking for my husband's SS# but we purposefully excluded his name from the loan app b/c his scores are low & his debt/income ratio is high. My median score is above 620, my gross income is $5k+ per mo. & the home purchase price is 145K. I also have 5% as a down payment.
I'm being told that they need to pull my husband's credit report b/c they need to factor in his debt with the total household debt since TX is a community property state. I know for sure that will hurt my debt/income ratio is combined w/ his! That's why we excluded him from the application!
Is this an extra bank requirement, state requirement, or FHA requirement?
I'm being told that they need to pull my husband's credit report b/c they need to factor in his debt with the total household debt since TX is a community property state. I know for sure that will hurt my debt/income ratio is combined w/ his! That's why we excluded him from the application!
Is this an extra bank requirement, state requirement, or FHA requirement?
I'm in the same boat!! I'm about to start getting pre-approvals but just found out that since this is a community property state (Washington) all DEBT in the spouse's name MUST be considered in the debt/income ratio however his credit does not need to be considered if you can afford teh loan with only your income.
Hope that helps!!
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Hope that helps!!
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Thanks for the info!