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

Mortage.

[ Edited ]

..

Valued Contributor
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
Posts: 2,300
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
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
Posts: 2,300
Registered: ‎08-25-2011
0

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

Anyway to increase your income.

Established Member
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
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+

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

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

[ Edited ]
 

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.