Mortgage Question

We are thinking of buying within the next year - I've had a steady job for 3 years, make a decent salary, and have good credit. We have at least 20% to put down. DH has had no luck the past few years due to the economy - has had a few different jobs and ok credit. He currently works in a restaurant now while looking for something 'better'. He makes a lot more than he claims since most of his pay is in tips.

Will it be possible for us both to be on the mortgage or better just for me? How much would we be able to get on one salary?

I think you should go and see what you are approved for on your own and then also with adding DH.

I know that in our situation DH had to add me in order to be approved. My sisters FH was approved on his own, so he didn't need her to be on it

DH and I got a mortgage together even though we are a one-income household (I haven't worked since we got married and I moved out of NY). They looked at both our credit scores to determine if we qualify and ONLY considered his income as far as whether we can afford it in order to approve us.

So it's definitely possible for you to get a joint mortgage even if your incomes are very different. The advantage to only having one of you on a mortgage is that if for some reason you default, only one of you will take the major credit hit. (This happened to my aunt and uncle.) Or if one of you has a terrible credit score for some reason, you may still be able to get the loan singly.

However, I would be concerned as a married couple not owning the property jointly. If only one of you is on all the paperwork and g-d forbid something happens to that person, there could be a huge legal battle for the other to keep it.

I'd talk to the lending company or mortgage brokers or even realtors about what they suggest before you make that huge decision. If you go through a lending company, they may be able to give you an estimate of the advantages and disadvantages of choosing one way or another.

I am pre-approved by myself for a mortgage. FH will also be on the Mortgage as an owner but it will be me that the Mortgage is Approved through.
If we ever buy again FH can then apply for that Mortgage and we will still be entitled to the 1st time home buyers credit if we want to buy another house in the future.