When youre married, buying a home is usually a shared process with your spouse.
This could nab you a better rate or just increase your chances of being approved.
A high debt-to-income ratio is when your debt payments are more than 40% 50% of your income.
Banks have maximum requirements for credit usage and debt-to-income ratios so you can approve a mortgage app… That is, unless you need the extra income to qualify.
When you apply, you typically need two years of W2s, tax returns, and bank statements.
There are a few things to keep in mind when you apply solo.
First, you canstill add your spouse to the deedif only one of you applies for the mortgage.
They add that having a joint bank account with your spouse shouldnt make a difference in the approval process.
When to Apply for a Mortgage Without Your Spouse| Magnify Money
Photo byMark Moz.
