FHA Lending

Did you know that when doing a purchase or refinance under the FHA Guidelines in Texas, if a person is married, you would need to pull credit for both spouses, even if the other spouse is not on the loan, Texas is considered a community property state, a part of that means that the debt that the non-borrowing spouse has is brought under the borrowing spouse, if the DTI is too high, its possible that this couple may not be able to do the loan, be sure that the credit scores of both are acceptable and also make sure that there are as little write-offs as possible on their taxes. IF both spouses have Great credit scores, but have written off all of their income and they are both W2 employee's, you can still do the loan by doing a W2 only Transcript instead of using a regular 4506-T, they wont pull transcripts and the clients are able to move forward!