Buying A Home
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Buying first home questions?

I am mostly a lurker but, I have been trying to post a little more lately. I have been trying to gather as much information as possible before we officially start the home buying process.  

We want to buy a house with in the next 6 months but closer to the end of time because we are in a lease till 10/30/11 and want to minimize rent and mortgage payments.  

We are going to get a mortgage with only husband salary.  He has close to perfect credit and no other debts. I screwed up in college with late payments and have students loans, and a significant part of my income in the last two years was self employment/ unemployed for 4 months after I moved when we got married. (I am not an ideal mortgage candidate at this time).  Any way does anyone have experiance only putting one of you on the mortgage?

We have joint accounts that are going to be used to take the down payment from.(Planning on putting down 20%)  We (he) are planning to get preapproved fairly soon, how far back do they go in accounts?  

TIA for any insight you can give me  

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Re: Buying first home questions?

  • We're buying with my husband only on the mortgage. This was a no-brainer for us since I am a SAHM. I have good credit but I also have a bunch of student debt so me being on there might have screwed with our ratios. 

     As long as you aren't in a community property state (Which NJ is not I don't believe), and you can qualify based on your husbands salary, shouldn't be an issue. 

    They asked us for two months of bank statements, but I know this varies. Also, they wanted 12 months of cancelled rent checks so it might be worthwhile to gather these.  

  • nsfwnsfw member

    We bought our home in my name only. They needed three months of bank statements back, and copies of all bank statements that came in up through closing.

    They still needed to see H's W2s (2 years) but neither his income nor his debt were factored into our preapproval amount.  We are on each other's bank accounts so they did need to document and verify his paychecks coming into the account but it wasn't taken into consideration as income for our approval, if that makes sense.

    My name is the only name on the deed/title and tax records. If we wanted to add him we would need to refinance the loan.  We had thought there would be  a way to simply add his name onto the record with the county, but no. Not in our area, at least.

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  • I am on the house mortgage but since i live in a community property state, my husband is on the deed only. I would get pre-approved closer to when you will start looking at homes though, my lender required seeing my bank statement in the beginning of the underwriting process, middle and one week before closing. I think 2-3 months worth of bank statements and paystubs as well 2-3 years of 1040's for taxes.
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  • Hi, we are currently in escrow on our first home and we are doing everything under my husband's name as well.  Just to give you a heads up but our lender still needed to run my credit but it didn't cause an issue.  Also, I have student loans that the lender still needed to see the monthly payments for because it will affect how much money you get approved for.
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  • thanks for the info

    we are waiting a few months for pre approval.  I am just worried my student loans is really going to swing how much we get approved for.  We know how much were willing to spend regardless.( we are not trying to stretch anything)  My income/ employment has been so up in the air the past couple years.    He is a teacher so that will stay very consistent.   Im paranoid im going to drag him down. 

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