Does having a child (a dependent) give you any help in getting a FHA loan? Or more $ in it?

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I am looking online at mortgage loan calculators and “what you can afford” calculators. One asked more details questions: What state and county am I in, and how many children do I have. Does having a child give us a better chance of getting a higher amount in our loan? I have a baby on the way, so I am just interested in how it works. Any help is appreciated thanks!
Edit: When I told the calculator that I did have one dependent, it gave me almost 10k more. Not less.

My husband does not have good credit but makes way more than I do. My credit is 704 or higher I believe, our debt to income ratio is 20%. I have worked at my job for 2 years and he has worked at his for 6-7. We can afford to pay a mortgage payment of 1209 according to an FHA calculator.
If he is my co-signer would they just look at his income and not his credit? Or they would still look at everything?
Thank you

7 Comments
  1. Reply
    Janet P
    January 29, 2011 at 3:05 am

    It shoud not really effect it, but it lowers the amount of spendable income you have every month, children do not increase it.

  2. Reply
    dog ma
    January 29, 2011 at 4:04 am

    Why do people think having children gives them MORE? Obviously, children COST you money, so the FHA formulas assume that you will have much less money to spend on making your house payment. You will qualify for less than someone without children, as you should.

  3. Reply
    ~*Mama-of-Two*~
    January 29, 2011 at 4:52 am

    No it doesn’t matter. Sometimes single parents can qualify for certain grants or loans that a married couple would not qualify for. It is mostly based on your credit and income though.

  4. Reply
    curse08
    January 29, 2011 at 5:43 am

    children do not affect the amount you can qualify for with FHA. FHA goes by debt to income ratios when factoring your max qualifications.

  5. Reply
    earth angel
    January 29, 2011 at 5:59 am

    your spending involves within the family – your kids expenses should be counted especially if they or your kids are in private schools (it is very clear an additional expense isn’t it?) The kids’ education and food and clothings plus cell phones and other miscellenaeious are counted = because the money that you will use to give to your kids’ life is all coming from one pocket – your’s!

  6. Reply
    Judy
    January 29, 2011 at 6:06 am

    They look at both income AND credit, not just one of them.

  7. Reply
    acermill
    January 29, 2011 at 6:58 am

    They will consider income AND credit standing. Both are important to lenders in determining whether or not to grant a mortgage loan. If his credit is poor, he will not be accepted as a valid co-signer any more than he would be accepted for a mortgage.

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