Posted on: 27th Jun, 2010 04:03 pm
My husban purchased a home prior to us getting married. i am currently not on the deed or the loan. I am trying to purchase a Home for 236,000 qualifying on my own. my current income is about 6500 a month. debt about 800 a month. My score is a 631. Can I qualify for a fhe loan being that I am not on his loan? And also can I use my mother in law as a co signer or co buyer if her income is less than mine and if her score is about 670
It makes a difference what state you are in. In a community property state, your husband's debts will be counted against your debt ratio so the house payment will still be attributed to you. As far as the co-signer, you can have a non-occupant co-borrower, but the main purpose for that is to add income for qualifying; their higher credit score won't make any difference and if they have a lot if debt and a small income, it may hurt rather than help.