@Skye12329 wrote:So BF and I are looking at houses potentially this year. My questions are:
Since he is the primary bread winner will the mortgage company be more concerned about his credit report versus mine? Like both of our names will be on the application but my CR will end up being better is my guess, will that make any difference? He makes 32ish+k and i make 7 - 10k (part time job, full time student)
Also i am going to end up closing cards or have them auto close should i do it before mortgage hunting? I understand some companies dont like huge amounts of credit limits when being given. Is there a magic ratio to income? Like currently my limits are 20+ish and our combined income is roughly 40 - 42k but if its going to be seperate then 20+k just on my report while he has like 4k on his report. So should i try to lower my cards but closing the non used ones? Or do you think we wil be fine?
We will be first time homebuyers is there down payment assistance programs out there?
...the lender will use the mid score of the buyer with the lowest mid score ...don't "guess" lest you get close to your buy date only to find you don't qualify ...the fee myFico charges for an accurate 3 bureau report with both fico 8 (credit card) and fico 4 (mortgage) scores is, imnsho, well worth the cost to either alleviate any concerns or allow you time to fix any surprises.
...don't close any cards ...the cons for doing so far outweigh the pros imnsho, especially just before a mortgage app ...if you want more info on this look at the credit repair forum
...every state I know of has down payment assistance programs for low to moderate incomes ...it usually varies by county ...in my experience, the web site info quality is confusing/abysmal as is the average bureaucrat answering your questions ...not to mention most LOs ...but if you do your homework and ask well documented questions here, you should get the info you need ...look at the pinned threads at the top of this forum for Shane's list of info needed to provide the best mortgage related answers.
...you're asking good questions ...hope my answers help 
