No. it needs to be my name soley. No husband, no business partners, Air Max All Black 90 no cosigners. I just need to a figure out a creative way to get approved with a high DTI.
Another option is find other properties that could be seller financed in some way.
Income from someone who is not on the loan can not be counted, as you have found out. Putting your husband on the existing loan will not help since he would not be on the new loan, wouldn matter if a hundred people were on the note as guarantors, your name is on it and it is a contingent liability to you. You won be able to do a lease agreement on that existing debt with a spouse and reduce that liability by 75%, that would be an Nike Air Max 90 Women 2015
It very difficult to financially divorce a spouse with credit issues. Best thing to od is to get the issues taken care of. Then as Mitch said, letters of explanation will be in order for some time.
Seller financing is not possible the owner will not agree to it.
Your husband may be able to purchase a house on his own, using his own income and credit (as long as it not too bad). That what we just did (still waiting to close though). My wife has a credit score in the upper 600 with a good job and over 2 years of income, and she was able to qualify for a loan on her own since our house is in my name only.
Private Money probably our best option. Now where do I find it? Contacted a few local/small banks, but husbands credit score and my dti are still the main issues. They won take his income into account without using his score.
Your choices are private money with someone who sees the big picture or a HML that will stick you due to the credit issues and add your husband to the new loan.
My credit history, income, etc are all good however, DTI is in the 60 mainly due to our primary residence being soley in my name.
Not an issue we will continue to rebuild husbands credit and just wait to purchase anything until then.
Can happen due to my DTI, already tried.
So any ideas? I know people will recommend seller financing, but I already tried and that not going to happen with the property in particular that I am interested in.
I was hoping there be an easy fix to let me use his income, or find a way to get our primary mortgage debt to stop counting against me (via a lease or something of that nature) but it not sounding like there are creative ways out of this after all.
FHA loan is not possible this will be a rental property.
Hard Money this is not a flip, it will be a buy and hold, and hard money is not a smart decision for a long term investment. Who to say I can refi in a year and don get stuck.
Have you checked on a refi of your primary home? If you can join your spouse on a refi, you really do have a problem.
Refinancing another property Nike Air Max 90 Womens Black Purple
He has no debt to his name, however the credit score stops us from being able to do Nike Air Max 90 Ultra Moire Midnight Navy
I explained the process in another thread around here somewhere.
I actually have very little debt it just our primary residence is counting 100% against me, where as my husband is the one who pays the mortgage for that home. I was hoping a local bank might see past that and realize it, but they all want to obviously use him to qualify me and we can go that route.
Your situation sounds just like ours, except you "me" and your husband is my "wife". (no jokes, please).
If it can be done soley in my name, then so be it. I just figured it was worth a shot to get some creative ideas flowing. The only idea I had was having my husband sign a lease that he rents out home from me . but again, I am assuming that won fly.
3 mortgages (one for primary residence, 2 for rentals)
Could I write up a lease where I "rent" our house to my husband? Or would that not fly, considering we are married? Help me think of a way around this? Or maybe I am just stuck.
anything in his name.
Adding other people as cosigners/backers not possible, we do not have anyone to do this nor do we want to involve partners.
Doing it as an LLC, while in the name of any business entity, due to the financial horsepower (or lack thereof) and lack of a long established credit history, the credit of the principles will be used to underwrite the loan.
I want to purchase another property to buy hold. I have a high DTI because my primary home is only in my name, yet my husbands income obviously goes towards paying our primary homes mortgage even though he not on it. Due to his name not being on the loan, my DTI is very high, so I won qualify on my own. I can not add him to a new loan though for other reasons so that not a solution, I need to keep it in my name soley.
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