Posted on: 12th Mar, 2010 08:58 pm
I am being relocated to TN and I am qualifying for a mortgage on just my income. We currently live in WI which is a community property state but we are buying a home in TN which is a non community property state. Will the underwriter count my wifes debt against my DTI on an fha mortgage. Crossing our fingers this doesn't mess up the deal.
Hi littleelvis,
In a community property state, the debts of the non-borrowing spouse are taken into consideration before the lender approves the loan. But if you do not stay in a community property state, your wife's debts will not be included while your DTI ratio is calculated for the approval of the loan. Thus, if you are purchasing a property in TN which is not a community property state, you can qualify for the loan based on your own income and debts. Your wife's debts will not affect your DTI ratio.
In a community property state, the debts of the non-borrowing spouse are taken into consideration before the lender approves the loan. But if you do not stay in a community property state, your wife's debts will not be included while your DTI ratio is calculated for the approval of the loan. Thus, if you are purchasing a property in TN which is not a community property state, you can qualify for the loan based on your own income and debts. Your wife's debts will not affect your DTI ratio.