Since you are no longer employed, it might be better to remain where you are with your husband paying the current mortgage on the house that is in you name.
You are a financial team.There might be some financial adjustment until things are financially better.
In answer to your question it might be to your benefit to find out what you consider bad credit by obtaining a credit report for the both of you.
Normally you would have to request separate credit reports, even though you are married, normally credit bureaus would not issue a merged credit report.
The other negative, the government has cracked down on a person being approved for a mortgage loan that is delinquent in paying student loans. Even if you might be able to find someone that would be able to lower your monthly student loan monthly payment the delinquency and past late payment would still appear on his credit report.
In applying for a mortgage loan, you would be required to prove with pay stubs, two years of w-2 forms and federally filed income tax forms that you are able to pay the monthly mortgage payments. You are not able to substitute your husbands income and use it as your own in qualifying for a mortgage loan.
You may both may apply for mortgage loan, even though your husband is the sole wage earner. You would be a co-borrower. Since your husband is the sole wage earner, his credit scores would be the ones used to determine the interest rate.
If your husband is able to explain the student loan delinquencies, there is still a possibility of you guys might be approved for a mortgage loan.
You would need to find a way of selling your current house,as the current mortgage loan would be counted as a debt in applying for a new mortgage loan. This would play a major role in establishing your debt ratio.
Your mortgage loan officer and underwriter would be able to explain this term to you and the processed used in obtaining your debt ratio.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
Take some time and improve the credit. Might take a few years, but if you pay everything on time and manage your debt properly, you can get it improved to a point where you can buy a house. Also, (assuming US), you are allowed to get a copy of your credit once a year for free (not scores, though). Get a copy from all three reporting agencies, and dispute anything that you feel should not be on there. The portal to get your free reports is below (it's the only one you can). Be careful, though, because there are ads that look like you need to click to get your report.
My credit was bad when my wife and I separated ( and later divorced) because of a lot of debt while married, and a foreclosure. After 4 years of working to improve, a car loan that I paid on time (and paid off early), and the annual credit reports, I was able to improve my credit to a point where I could buy a house.
You cannot cherry pick his income and your credit only. If both incomes are considered, then both parties must be on the loan and both credit histories are considered. You need to make do with your current house while he repairs his credit.
No, you can't use his income without him being on the loan and his bad credit hurting you. You won't qualify, you have no income.
When was the last time he had a credit check? He might qualify and also in order to use his income for pre approval then his credit is required. Talk with your local mortgage rep so they give you more options.
very doubtful you will get a mortgage if he is delinquent with school loans - better check both your credit reports to see how bad it is - you cannot claim his income - you need to provide proof of that income
If you want to use his income, you must also use his credit.
You cannot. You will have to make do where you are.
My husband's father told him he had been paying his student loans when he really had not. They were both listed on these loans. This caused him to have delinquencies.
The house we live in currently is in my name only, but I no longer work and stay home with our kids. We need to move so we have more space, but since I don't have an income anymore we are unsure of what to do. Is there a way I can claim his income on an application? All around, we are just unsure of what to do next. It's a really crummy situation. Any advice is appreciated!
