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mg2121
16 Posts |
 Posted - 01/29/2008 : 9:30:52 PM
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NV, FHA.
Wife is applying without the husband. Wife qualifies on her own. I am being advised that I will need to pull husbands credit and include his debts towards dti. I pulled his credit and he has no score, no tradelines etc. 4 medical collections dating back to 2003 totaling $2100 and a tax lien for about $5000. Even though he is not applying for the loan and will sign off on title is he going to kill this loan?
Thanks
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cfuelling
217 Posts |
Posted - 01/30/2008 : 06:51:41 AM
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This is tricky, however there is a "Niche" on www.theloanpost.com for "Non-Purchasing Spouse" it returned about 30+ lenders that may be able to help. Copy and paste the link below...
http://www.theloanpost.com/suggLenders.php?len=2,3,4,1&st=&niche=182 |
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mg2121
16 Posts |
Posted - 01/30/2008 : 09:00:56 AM
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Thanks,
Any further advise from anyone would be helpful |
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RodneyLO
821 Posts |
Posted - 01/30/2008 : 09:28:54 AM
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"Except for the obligations specifically excluded by state law, the debts of
the non-purchasing spouse must be included in the borrower’s qualifying
ratios if the borrower resides in a community property state or the
property to be insured is located in a community property state. Although
the non-purchasing spouse's credit history is not to be considered a
reason for credit denial, a credit report that complies with the
requirements of paragraph 2-4 must be obtained for the non-purchasing
spouse in order to determine the debt-to-income ratio."
IOW, the non-purchasing spouse's debts have to be figured into the DTI. Derogatory credit is not a reason for denial. The tax lien would make me very nervous. |
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cpruitt
1674 Posts |
Posted - 01/30/2008 : 9:10:00 PM
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| RodneyLO is exactly right. Unfortunately, since NV is a community property state, you do have to...and the tax lien would present a problem. But it can be dealt with. |
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steve_k
1 Posts |
Posted - 03/01/2008 : 10:40:25 AM
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| One other question about this. I understand the spouse's debt goes into the equation, but what about their income? Is this excluded? |
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liverichly
3926 Posts |
Posted - 03/01/2008 : 10:54:44 AM
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| I could've sworn I saw a mortgageee letter from HUD stating non-purchasing spouse debts no longer have to be included in the DTI. I've talked to a few FHA lenders out here (most notable is Nations Direct Mortgage) and they confirmed that non-purchasing spouse debts are not included in the DTI calculation. |
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RodneyLO
821 Posts |
Posted - 03/01/2008 : 11:17:52 AM
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quote:
Originally posted by liverichly
I could've sworn I saw a mortgageee letter from HUD stating non-purchasing spouse debts no longer have to be included in the DTI. I've talked to a few FHA lenders out here (most notable is Nations Direct Mortgage) and they confirmed that non-purchasing spouse debts are not included in the DTI calculation.
Dunno. The search function of hudclips is terrible. I couldn't find anything to that effect. |
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liverichly
3926 Posts |
Posted - 03/01/2008 : 11:33:10 AM
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| Ah, it wasn't a mortgagee letter... it was someone saying a mortgagee letter was coming out soon. Sorry for the misinformation. However Nations Direct did confirm a non-borrowing spouse's debts are not included in the DTI calculation, so I'm thinking the information I got from my friend stating that they will no longer count could very well be correct info. |
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RodneyLO
821 Posts |
Posted - 03/01/2008 : 1:11:41 PM
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Shane,
Make sure you share when the ML is finalized, please.
thx |
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jkennedy123
54 Posts |
Posted - 03/01/2008 : 3:47:55 PM
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the non purchasing spouse debt is included ratios. you can email these question to hud@custhelp.com or call thier help number (800) CALLFHA. the Tax lein can aviod full pay off if the non purcahsing spouse can start payment plan with the state/IRS (then include that new monthly payment in the ratios as well, subordinated too new FHA insursed lein, or paid.
here is the link to HUD 4155 handbook:
http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4155.1/index.cfm
double check with your lender, becuase many lenders are adding thier own overlaying guidelines to FHA.
Direct mortggae follows pretty close to the 4155 guide. if you are looking for an AE and lender that will help you close more FHA loans in 2008. contact me antime to discuss Direct Mortgage and our opportunity.
Justin Kennedy
916-346-8231
916-258-6771 efax
justinkennedy@directcorp.com
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Mandyvilla
3389 Posts |
Posted - 03/01/2008 : 6:36:27 PM
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Wow, Virginia is not a community property state - we put marrieds on as sole and separate equitable estate, without even asking the name of the spouse......
As for subordinating a lien by a taxing authority, I have yet to see that take place. Everyone that has tried it has been slapped down with not just a "no" but a "hell no." I had a couple that had been paying the IRS for 2 years, not one missed one payment, a minister and his wife, barely enough money to buy a home, much less pay off a lien. Granted, that was before the new and improved HUD. If you have been successful, I would love to hear more details - when, how much, how long did it take....any problems. |
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