Q. Can my husband apply for a mortgage on his own? My student loans are preventing us from getting a home loan, even though we could make the payments. My husband is the only one working at this time. If he applies on his own, would my loan obligation come into play?

A. It's probably a smart move to have your husband apply for a mortgage on his own.

When couples apply together, lenders use their lowest credit score to determine whether they qualify for a loan and what interest rate they'll pay.

That won't matter if the two scores are 740 and 720. But it will make a huge difference if one spouse's score is 740 and the other's is 580. Such a low score would place that person in the high-risk, high-cost category of subprime borrowers.

The only potential drawback is that lenders will only consider that spouse's income when deciding how much you can borrow. But because your husband is the only one working, that's not a problem.

The only time your student loans would be considered is when your husband is asked about his monthly bills. If he's making your loan payments, then he should acknowledge that.

Most lenders don't want your debt payments -- including mortgage, auto loans, student loans, child support and credit card bills that will take more than six months to pay off -- to exceed 36% of your pretax income. (That goes up to 43% if you apply for an FHA loan.)

Our calculator will help you determine how much home you can afford based on your income and debts.

Whether you're buying a home or refinancing an existing mortgage, we have a mortgage calculator that can help you make the right decisions.