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Question by : I want to apply for an FHA loan, hospital but my wife owes 70, visit this 000 in student loans. Will this affect me?
I owe 11, what is ed 000 myself, but both loans are consolidated in our own names, not seperate. I have had the same job for 5 years and she is unemployed. Can I apply for the loan by myself?
Best answer:
Answer by Peter B
Sure,you are going to have to qualify on Your income alone.
Add your own answer in the comments!
Hi Phil
The short answer to both of your questions is yes. Yes, you wife’s student loan could affect you if she is on the mortgage. And yes, you can apply for a mortgage by yourself (even though you’re married), in which case your wife’s debt won’t affect your chances of qualifying.
Without more information, I can’t give you a definite answer of whether you’d qualify for an FHA loan or not. It all depends on what we refer to in the mortgage industry as your “debt-to-income ratio.”
Simply put, your debt-to-income ratio is how much income you make vs. how much debt you have. This, along with your credit score, is what helps mortgage lenders decide how much mortgage you qualify for.
The bottom line is you need to speak with a trusted mortgage professional to find out if you qualify and what you qualify for. They’ll pull your credit, verify your income and debts and let you know if you qualify. That’s the only way to be sure.
Good luck and let me know if you have any other FHA loan questions. I’ve included a link below with some FHA loan info that you might find useful.