06-29-2014 09:32 PM
Okay, I see. So then it's likely that your partner can also come in on the mortgage (assuming most of his baddies will fall off by next year).
You might have had a typo, but if I read right, you're buying the house for 25k? As in like less than the price of many cars? I wish I could buy a closet around here for 25k lol.
Let's say 35% is the safe mortgage DTI ratio. With 36k income (assuming it's all provable using tax returns for the last 2 years), that gives you $1050 in debt payments. On a 20k mortgage, payments are going to be miniscule. So I'd say you're okay.
As far as banks to apply with, you could start with DCU. If they don't give you how much you want, I'd try CapOne. A dealer will definitely get you financed, but I wouldn't accept more than 7% APR there.
Just with the mortgage coming, try to get this done. You want to try to leave at least four months in my opinion where you apply for nothing at all before going mortgage shopping.
06-30-2014 06:22 AM
You read it right. $25k for the house. It needs work but it's mostly cosmetic.
I'm torn on the vehicle thing. The Taurus seems to be an "un-pass-up-able" deal! haha But come from a Flex? That's like a cruise ship and the Taurus is a paddle boat! (size wise). We do travel a lot, not long distances but a couple hundred miles pretty frequently. We have 3 kids 13, 11 and nearly 2. For work/school and back the Taurus would be fine for a couple years. I'm just torn. I'm not going to spend over $20k. I'm sure I could get the Taurus for $20k at this point.
06-30-2014 04:11 PM
People don't really refer to them because as far as I know, you can't apply directly with them. Pretty sure they only accept applications through a dealer.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.