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Established Member
farrenday
Posts: 14
Registered: ‎08-20-2012
0

Mortage.

[ Edited ]

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Valued Contributor
Mike_B03
Posts: 1,146
Registered: ‎11-30-2012
0

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.

Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

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

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

Established Member
farrenday
Posts: 14
Registered: ‎08-20-2012
0

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.

Valued Contributor
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
0

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

Anyway to increase your income.

Established Member
farrenday
Posts: 14
Registered: ‎08-20-2012
0

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?

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

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+

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Established Member
farrenday
Posts: 14
Registered: ‎08-20-2012
0

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

Yeah, I'm going to kick him alright.. :smileywink:

Regular Contributor
snsforever916
Posts: 144
Registered: ‎06-28-2012
0

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 :smileysurprised:)
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!!!



Established Member
farrenday
Posts: 14
Registered: ‎08-20-2012
0

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

[ Edited ]
 

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