...and the rules have changed since the last time either of us went through a home purchase.
For the sake of this thread, let's assume that me, my income, my credit and debt simply don't exist...yes, she's checked with a realtor friend, and she can purchase a home all by herself. 
- Credit. EX 660, TU 631. EQ unknown. No baddies in more than five years.
- Income. 31.2K (This one has me worried...)
- Source of income. She's employed. Works for a corporation.
- Monthly debt payments. $550. (Car payment and credit cards.)
- Employment Only about five months with this employer, over 20 years in related field.
- Assets/Reserves. 10K
- Location. Wyandotte County, Kansas City, KS 66109
- Property. Is it a single family house...yep.
- Value. $120K
- Occupancy. Primary residence,
- Transaction Type. Purchase.
Her thinking is that if she buys a house, our mortgage payment would be less than our rent. Considerably.
I'm not sure that $31.2K in salary will qualify for a $120K house.
Your thoughts?
If you can find a home in an elligible USDA area she might qualify with that income. Since USDA is no money down she could apply some of the 10k towards paying down/off on the credit cards and reducing the dept to income ratio....
Starting Score: EQ 609 EX 570 TU 656 March 2012 CH 7 BK 12/08