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I think the biggest challange is going to be the front end debt to income ratio, which based on your income, would only be about $671 per month (total of your mortgage payment/insurance/PMI) based on a 31% ratio. Back end ratio would be $931 based on 43% ratio.
On a $130,000 house, your monthly payment for the house would be $1,000 - $1,100 based on 3.375% interest rate. I think you both need to be on it to make it work. Are you sure his credit is that bad where he can't also qualify? I thought mine was bad and I couldn't, but it ended up being ok and my middle score was above 640.
Bare min for 130k mortgage, you need to earn about 35k a year.
Thanks. His credit is 550s unfortunately so we have a ways to go with that.
I just checked my last check stub and I'm at $27,500 alone. I'm not sure if I should just give up the idea until his credit is improved or go for a lower priced home.
Anyway to increase your income.
I could try to get a second job. If I did, would they require me to be working there for 2 years before considering that income as stable?
Why not kick him over to the rebuilding thread and see if we can do something about getting those scores up?
Yeah, I'm going to kick him alright..
I got my hubbies credit from mid to low 500's to 700's in less than 6 months. It can happen. I would pull his reports and put his stuff minus the personal info. We will help!