@Anonymous wrote:
Yes sorry before mortage, yes my wife car payment is included. Also does our rent being $2355 and our mortage right now would be $1900 work in our favor?
Take a look at the whole payment.
Your rent has nothing to do with your ratios when you are buying - I am assuming you will be moving into the new place and won't pay rent on the old place.
Your ratios are based on two criteria:
1) New house payment: this is your principal, interest, property taxes, homeowners insurance, mortgage insurance (if applicable) and HOA fees (if applicable). This is known as your housing ratio or your front end ratio
2) Your total debt ratio is all of the above housing expenses plus your installment debt and revolving debt and student loans etc.
Are you in a community property state? There are only 9 in the entire country. If so, then your spouse's debt would be included if you are going for a government type mortgage (FHA/VA/USDA). If you are not in a community property state, then your spouse's debt is not added to your debt unless your spouse is also on the loan. Where are you located?
What are your actual ratios? Have the LO tell you. If you don't qualify by yourself with the car payment, then have your wife refi you out of it if you aren't in a community property state.
Closing her accounts may have hurt you in the short term.
