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Regular Contributor
Posts: 226
Registered: ‎03-25-2007
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Mortgage Broker Question

I'm getting married next...
My credit scores are 650+ all three bureaus, all collections paid off and 24months old
Her credit scores are 700+ everything almost perfect except for 25% utilization cuz we are getting married and have charged $10k on CCs.
 
Income:
Mine $100k after $35k spousal support
Her's $50k to $65k
 
She owns a house, but little equity,
We don't have a lot of money down.
Could scrap together $25k to cover down and closing
We only have about $30k in our combined 401ks.
Our income to debt is very reasonable.
I just got off the phone with my soon to be DW.  She says she's with our daughter and friends at a pool of a Doctor who wants to sell her house.  $300k asking price.
Basically, we're both starting over after divorces.
Could we get financing, and decent terms?
Thanks in advance,
Rocket
Regular Contributor
Posts: 226
Registered: ‎03-25-2007
0

Re: Mortgage Broker Question

bump - Calling OneMortgageGuy or other wiz bang broker...Smiley Happy
Regular Contributor
Posts: 255
Registered: ‎06-08-2007
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Re: Mortgage Broker Question

From what I'm hearing you are 100% prime and in good shape!
 
What you need to start thinking about is what are you going to do with you "wifes" house? Congratulation by the way!!! You have a lot of options!! You could do one loan but you will be over 80% loan to value and will have PMI or TAMI. On TV and the radio you here loans with no PMI... that's TAMI and its just added it to the rate. Its good cause you can write it off but more of a pain to get take off.
 
You can also split the loans up. 80% first and a 15/20% second to avoid all that but the rate on the second will be higher than the first and the first will be low.
 
How far a part are the two home? 
 
Regular Contributor
Posts: 226
Registered: ‎03-25-2007
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Re: Mortgage Broker Question

Thanks MortgageGuy!
It's a load off knowing that we have the situation well enough in hand that we can go forward.  Her house is about 60miles away from where I work and from the other house.  Living 60 miles away is far from ideal long term since it ends up being a 2.5 to 3 hour commute each day.  Right now our focus will be to get her house on the market and ready to sell.
 
We found one that is almost perfect except we want to have a pool, and we'd have to put up a retaining wall since the backyard has some slope and possibly remove a tree or two.
 
Very much appreciate your participation in the forum and answering my post.
Rocket
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Regular Contributor
Posts: 255
Registered: ‎06-08-2007
0

Re: Mortgage Broker Question

Good luck with selling your home and the new home!
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