Do lender's use a spouse's income to calculate a person's debt to income ratio?

I'm guessing she's going FHA, because conventional financing does not permit cosigners.. Under FHA guidelines, if you are married (co signing or not), then the credit of the non borrowing spouse will be run, and any debt that shows that is not included on the borrower's credit report will be added as additional debt to the borrower.. So.. if you make enough income to support your debt, your husband's debt, and still have enough income left over to support the new home purchase debt for your sister, then you will be ok, and your husband will not have to sign.. Guidelines do not permit the use of income from a non borrowing spouse. If you want or need to use his income, he will need to sign.. Only debt for money loaned is used to determine your ratios.. so credit cards, auto loans, student loans, personal loans, mortgages, HELOC's,... pretty much anything that shows up on a credit report is considered when determining ratios, however monthly expenses such as utilities, cell phone, cable bills, are not. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Phone bills, cable, etc. are not considered traditional debt that is calculated in for mortgage financing. You're calculation will be based on credit cards, car loans, mortgages...and other items that report on credit as debt. You're spouse's individual debt doesn't apply to the calculation unless you're in a community property state. I'm honestly not familiar if Florida is a community property state, or not. I suspect one of the local lenders on here can help you out, though. Go to the "Find a Lender" tab above and find a good local person.

If you are in a community property state, it is probable that the FHA underwriter will be including your spouse's debts as part of you debt load. If not, then probably not. As to the types of debt included, generally only housing, installment and revolving debt is included. Utilities are not included ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

crediting reporting liabilities will be consider but not your spouses income