I am looking to purchase a home but only alone make $33,000 a year. I do not think that is enough to get a loan ($160,000). Should I:

a) Apply for a loan NOW-I have good credit and $10,000 down (assume it will mostly go to closing costs) WITH my husband, has good credit also. I figure his income ($59,000) may help me get a better loan. Although he has a mortgage out for $220,000 he pays. (Not sure about income to debt ratio).

b) Apply for a loan in 1 YEAR-I'll have good credit them and $20,000 down but my husband may have bad credit then because of issues that may come on his credit report later on. Although he will have income, it may hurt my chances of getting a loan.

Which choice is better? Thanks for your advice.

It may depend on where you live. Some states automatically factor him into the equation (community property states).

Just doing some quick (possibly not that accurate) math gives you a monthly income of about 1800 after taxes. A 160k mortgage is about 900/month. There is no way a company will qualify you if half your income goes to just cover P/I.

If your husband already has a mortgage, why do you need another? I am not really sure what you are attempting.