Mortgage Question

We are thinking of buying within the next year - I've had a steady job for 3 years, make a decent salary, and have good credit. We have at least 20% to put down. DH has had no luck the past few years due to the economy - has had a few different jobs and ok credit. He currently works in a restaurant now while looking for something "better". He makes a lot more than he claims since most of his pay is in tips.

Will it be possible for us both to be on the mortgage or better just for me? How much would we be able to get on one salary?

Re: Mortgage Question

Keep building the downpayment as much as you can. Small business owners and those whose majority of income come from tips have been denied in this economy, no matter how well they do. Banks want to see consistent steady payments. Your dh needs to make sure he has a nice long paper trail to follow him. Banks will demand that just to prove that you guys can pay the mortgage. Frustrating I know. How the rest of us pay for the sins of others..it stinks!

Re: Mortgage Question

I would speak with a mortgage banker to be sure but in my experince you would be better off being on the loan alone at this point. He can be on the deed- but you will get a better rate and have an easier time

Re: Mortgage Question

as long as his credit is good and he doesn't have any debt under his name, his salary should help you for the mortgage process.

If his credit score is worse than yours - you might want to leave him off.