4 replies to this topic

[georgeb]

Hello Everyone,

This is my first post to the board which I found on google. My question is my wife and I are wanting to purchase a home. We will be first time home buyers. The thing is I filed chapter 7 bankruptcy exactly 1 year ago. We don't want to wait for the two year period to purchase a home. We have decided to have my wifes credit repaired and try and qualify for a mortgage loan this summer. My question is how can we get my wifes Debt to Income ratio higher to qualify for the amount we need to get the house we are wanting without my income included. Since I wont be on the application due to my bankruptcy and under the two year period it will only be my wife. Her DTI ratio has her qualified for 150k which is 50k under what we are wanting to be qualified for. We have removed her from most of the credit accounts we have except for one CC and 1 auto loan the rest is just under my name. Is there anything else we can do?

[Brian B The Loan Professor]

Hello Everyone,

This is my first post to the board which I found on google. My question is my wife and I are wanting to purchase a home. We will be first time home buyers. The thing is I filed chapter 7 bankruptcy exactly 1 year ago. We don't want to wait for the two year period to purchase a home. We have decided to have my wifes credit repaired and try and qualify for a mortgage loan this summer. My question is how can we get my wifes Debt to Income ratio higher to qualify for the amount we need to get the house we are wanting without my income included. Since I wont be on the application due to my bankruptcy and under the two year period it will only be my wife. Her DTI ratio has her qualified for 150k which is 50k under what we are wanting to be qualified for. We have removed her from most of the credit accounts we have except for one CC and 1 auto loan the rest is just under my name. Is there anything else we can do?

There are really only two ways to make a debt ratio better
eliminate debt or raise income
sounds like you have done some eliminating - if that is all that can be done there really isnt another way to get around this.
B

[georgeb]

Hello Everyone,

This is my first post to the board which I found on google. My question is my wife and I are wanting to purchase a home. We will be first time home buyers. The thing is I filed chapter 7 bankruptcy exactly 1 year ago. We don't want to wait for the two year period to purchase a home. We have decided to have my wifes credit repaired and try and qualify for a mortgage loan this summer. My question is how can we get my wifes Debt to Income ratio higher to qualify for the amount we need to get the house we are wanting without my income included. Since I wont be on the application due to my bankruptcy and under the two year period it will only be my wife. Her DTI ratio has her qualified for 150k which is 50k under what we are wanting to be qualified for. We have removed her from most of the credit accounts we have except for one CC and 1 auto loan the rest is just under my name. Is there anything else we can do?

There are really only two ways to make a debt ratio better
eliminate debt or raise income
sounds like you have done some eliminating - if that is all that can be done there really isnt another way to get around this.
B

Thanks for your response. I own a web design business. Its a small part time business I do websites for small business in my area on the side. Could I hire my wife to work for me and pay her would that help or is that considered fraud. I don't want to do anything that would be considered fraud or unethical but its something I was thinking that could add to her DTI ratio what do you think?

[DallasLoanGuy]

that wouldn't work.
a second job would have to be verified for 2yrs

and it would be fraud

[yossi]

In the state of Indiana, if my wife has debt and she is not on the mortgage application, will her debt figure into my DTI?