Convetional Loan without Spouse

DWQA QuestionsConvetional Loan without Spouse
divmecalede asked 5 years ago

My husband and I found ourselves in a situation a few weeks ago where it became clear we needed to move.  We hadn’t made any clear steps to get ready to buy but after stumbling across the perfect house, we took a leap to see how far off we were from qualifying.  After applying, we found several mistakes on my husband’s credit report which dropped his score 40+ points and caused our application to be denied.  I talked through our options with our broker and we decided to move forward with just my name on a 30 year conventional loan.  I was preapproved for our dream house (only based on income and credit) and our offer was accepted by the sellers last night.  Now I’m beginning to panic.  Our savings are puny, our assets are limited and the down payment was gifted.  My broker never mentioned anything about reserves but the more I read, the more I see that its more common than not.  Affording this house is not an issue, but proving that we can might be.  
Has anyone else been in this situation and closed without an issue?  If not, I will also accept motivational quotes, encouraging sayings, well wishes and “You can do it”s.

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