approval chances

[canurse]

Hi all,

My husband is wanting to buy a new F350 Lariat - price tag around $70,000 or so.  We have about $10,000 to put down so would be financing $60,000.  He got a membership with PenFed after some research and we are going to try them.

Here are our stats:

Him:  EQ 740, yearly income $60,123 (lower because he was on worker comp for 3 months), utilization - 0% with $17,000 available credit on 9 cards.  Last card was obtained in August 2017 so not sure of AAoA.  Mortgage with perfect payments ($475) since 2006. Two 30 day lates on paid off auto loan - 1 in 2012 and 1 in 2013.  1 HP plus the one from PenFed in last year

Me - EQ  721, yearly income $83000 (plus a $8300 yearly bonus if company meets goals), utilation 0% with same available credit.  Multiple student loans with positive payments (no lates) since 2002 - 2015 (finished graduate school in 2015).  Mortgage with perfect payment history (since 2006). Dismissed chapter 13 in 3/2012 plus the two 30 day lates on the auto loan.  No hard pulls in the last 2 years.

I don't think my husband's income would be sufficient for him to qualify for the loan on his own but I'm afraid my bankruptcy would keep us from qualifying for a loan.  

Should he try on his own first with PenFed and see what happens and if he gets denied for income then reapply with me added?  I'm trying to avoid multiple hard pulls.  Any advice would be greatly appreciated. Any other lenders recommended?

Just a FYI - The PenFed account is in his name only.  We could not figure out how to make it a joint account.

[Anonymous]

I think with both of you on the loan it will be no problem. I think with your CH13 dismisal being almost 6 year's old there should be no problem. You should also check with Ford and see what the current promotional financing term's are. You may be able to go through FoMo Credit at 0% but you will more than likely have to give up rebates. I am not well versed in PenFed underwriting guidelines so I am not sure about the BK but surely being that it's almost 6 year's old it should be fine. I don't think your husband alone will qualify based on a PTI issue. With 60k annual income he should qualify for a ~750 payment (most lender's have a 15% PTI limit) and with quick calculations of 60,000 at 4% for 72 mo's you're looking at 950/mo.