Am I qualified for the home loan?

[nxj3248]

Hi Guys,

My lease just ended in the current apartment that me and my husband living at and lately we have been thinking of getting a house. We are thinking of getting a house here in Katy, texas for around 300,000. We have a down payment of around 10% and money for the closing costs and all.

I have a good credit score. (around 750) without any negative history on my records. My annual salary is around 77,000 a year. My husband credit is not good (around 640) with lots of negative factors on his credit history. He makes around 120,000 a year .

I was thinking of applying for the conventional loan without adding my husband on the mortgage. If I add him his credit score will be counted and not mine and we will end up paying more interest rates.

Do you all think I can be qualified for a 270,000 loan with 30,000 down payment(total 300,000) ? Please give me suggestions on what should I do 

[meehan22]

Please list all your current debts and payments and one of the mortgage guru's I am sure will give you an answer.  

[BrianB_The_Loan_Professor]

Like the above poster mentioned without more detail there is no way for us to know

If you have little debt in your name you should be ok - your scores etc are great

worst case you have to add your husband for income - you will still be able to get a loan but for conventional the rate and the Mortgage insurance would be based on the lower score - 

you could also look at a Govt loan if his income is needed - FHA rates would be better however fha MIP is now for the life of the loan which makes it less attractive than it was when you could petition to eliminate after 5 years and 78% loan to value

You will need to get with a loan officer and let them run the numbers 

Good Luck

Brian