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Here are the facts:
I make 45k/year and my spouse makes about 50k. Last I checked, my FICO was 720. It should rise further b/c I am paying off debt like crazy and expect to be debt free by May. So. DTI will be $0 soon.
My hubby just got a green card and SSN in Sept. '08, so he has limited credit history. He has a capitalone credit card that he is charging small amounts on and paying off every month and I am about to add him as a joint user on one of my credit cards in the hopes of increasing his score.
We would like to purchase a home in about 6 months and take advantage of the $8,000 credit.
Will I need to be able to qualify by myself or can my spouse establish decent credit in only 6 months?
Can a person making only 45k, but with good credit qualify for a $200k home? There are not many homes worth buying in my area for less than $200k.
Once my cards are all paid off, do I need to keep charging small amounts on them to keep my FICO score up?
Thanks for the input!
Thank you! I guess the big question will be whether it is better to try to qualify by myself and possibly get a better rate on a lower value loan or incude hubby and have a higher interest rate, but qualify for more house.
Will adding him as an AU on one of my cards really help or does he need to be joint?
salsa34 wrote:
Thank you! I guess the big question will be whether it is better to try to qualify by myself and possibly get a better rate on a lower value loan or incude hubby and have a higher interest rate, but qualify for more house.
Will adding him as an AU on one of my cards really help or does he need to be joint?
salsa34 wrote:
But, if they will accept him as joint, is that better from a credit building standpoint?
Salsa, I was able to qualify on my own making $45k a year for $165k. That was with $450 a month in debt. My lender said I would have easily qualified for a lot more if my dti would not have been so high. Pay down your debt and apply. You may have a shot at getting $200k on your income alone.
Wow. Thanks for the info! Was that FHA or conventional or does it matter?