Posted by JPiper on November 29, 2000 at 08:58:20:
If your husband applies with you for the mortgage his credit will affect the application. If the income is added then the credit is added as well.
JPiper
co-signed debt question - Posted by Tiffany
Posted by Tiffany on November 29, 2000 at 07:27:40:
Does co-signing on a car for someone affect your income-debt ratios when qualifying for a mortgage? I want to co-sign with my husband but I’m wondering if when qualifying for a mortgage if that debt would be condidered all mine or half of it or none. Any help is appreciated…
–Tiff
Re: co-signed debt question - Posted by dewCO
Posted by dewCO on November 29, 2000 at 22:35:54:
NEVER get the car first if you are going to try and qualify for a mortgage (unless you have great credit and debt ratios, which most people don’t).
Go get qualified FIRST, before any one gets a car. Can’t answer these questions in a vaacuum. Don’t know your credit scores, what kind of loan, what kind of down payment, what kind of all the other things that apply!!! That way you’ll know.
Typically if the person you cosign with and is not on the loan, can PROVE* that they’ve made at least the last 12 months payments on the loan, they may not count it (or all of it against you). BUT, I’ve never run into this situation with a spouse, it’s usually a friend or other family member, don’t know if that makes a difference.
*Prove—means last 12 months cancelled checks, copies of both sides, and, last 12 months bank statements clearly showing that the other individual made all the payments (out of an account that you are NOT on).
Re: co-signed debt question - Posted by BillW.
Posted by BillW. on November 29, 2000 at 18:24:10:
Don’t buy a car when you’re trying to get a house. Get a cheaper one if you have to that you can buy for all cash until after you get the house!!!
Don’t buy any other big ticket items either that have payments.
BillW.
Always keep in mind… - Posted by SusanL.–FL
Posted by SusanL.–FL on November 29, 2000 at 09:44:14:
…that if the person you are co-signing for ever defaults, then you are 100% responsible for the entire loan.
Period…theeeee end…
Years ago I co-signed for Kenny (before we were married)…and LONG b/4 I knew the effect it had on debt ratio.
When I look back, I realize I did TWO stupid things—co-signing for someone (no matter WHO it was) and not being married to the person. That was REALLY dumb. I guess ‘love’ clouds the brain a bit! 
Guess I got lucky.
Nowadays, I try to keep whatever debt we may have in separate names (car loans/credit cards/whatever) 'cause it REALLY does affect the debt ratio.
Re: co-signed debt question - Posted by JPiper
Posted by JPiper on November 29, 2000 at 08:10:17:
It’s going to be counted against you. Of course, if your husband qualifies for the mortgage with you, then his income would count too.
JPiper
GOOD advice, Bill [nt] - Posted by SusanL.–FL
Posted by SusanL.–FL on November 30, 2000 at 07:44:53:
nt.
Re: co-signed debt question - Posted by Tiffany
Posted by Tiffany on November 29, 2000 at 08:37:35:
My husbands credit isn’t good but he has twice as much income as me. If he applies for the mortgage with me will his creditworthiness affect the application or as along as mine is good they will just include his income and we can all be happy campers?