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Mortage.

Established Member

Mortage.

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Message 1 of 13
12 REPLIES
Valued Contributor

Re: Mortage. One person decent credit/other poor.

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.

Message 2 of 13
Valued Contributor

Re: Mortage. One person decent credit/other poor.

Bare min for 130k mortgage, you need to earn about 35k a year.

Message 3 of 13
Established Member

Re: Mortage. One person decent credit/other poor.

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.

Message 4 of 13
Valued Contributor

Re: Mortage. One person decent credit/other poor.

Anyway to increase your income.

Message 5 of 13
Established Member

Re: Mortage. One person decent credit/other poor.

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?

Message 6 of 13
Moderator Emeritus

Re: Mortage. One person decent credit/other poor.

Why not kick him over to the rebuilding thread and see if we can do something about getting those scores up?

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 7 of 13
Established Member

Re: Mortage. One person decent credit/other poor.

Yeah, I'm going to kick him alright.. Smiley Wink

Message 8 of 13
Regular Contributor

Re: Mortage. One person decent credit/other poor.

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!

Starting Scores:
Lender Pull 7/10/2012 EQ 585 EX 617 TU 551
8/2012 MyFico EX 598 01/2013 EX 608 2/2013 EX 620 Smiley Surprised)
9/12/2012 624 (Fico Discover)
02/7/2013 660 (Fico Wally)
At least I'm heading in the right direction!!!

Goal Score:740+, home loan and Get rid of subprime cards!!!



Message 9 of 13
Established Member

Re: Mortage. One person decent credit/other poor.

 
Message 10 of 13