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    My husband is trying to buy a home using NACA. He has great credit, income, and all his ducks in a row. He is intending to be the sole applicant on the loan, and it was a surprise to me that the counselor required my information and pulled my credit. Currently I have several fairly recent (within a year) charge-offs and am worried this may have a negative effect on his eligibility. I also have student loan that is on an income sensitive repayment plan. Kindly advise.


    As you are married, you must be included and you can’t have any Recent charge offs.


    Thank you Newlywed Homebuyers… I think if you live in a community property state this is true. We do not so I am wondering if we can still be approved.


    Probably. I see why you would want just your husband to apply. The thing with NACA is that credit score does not factor into qualification, but there are 2 issues: if you currently live in the same residence, are at least 21 years old and contribute to household expenses OR you plan to live in the same NACA residence as the person applying regardless of relationship you will have to provide information to NACA as part of, in this case, your husband’s qualification. As long as the you explain everything and have the documentation to back it up you might be off getting qualified with your husband. The dual income would get you a higher monthly payment qualification. Without your income your husband might still be responsible for your debt which could potentially lower his qualification amount. You would need to ask your husband’s mortgage counselor and see what their recommendation is.


    As a back up plan, are you able to pay the charge offs off. Anything in the last two years would have to be paid, I believe. You could work out a settlement with the creditors.

    For the IBR they will use the payment amount. If the correct amount is on your credit report they will use that. Other than that you’ll need to get documentation from your student loan for what the payment is.

    Guess see what the counselor says first.

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