Pre-Qualification declined - please help

[sghosh5]

After i got all the dispute comments removed from all my reports i had my lender pulling my credit again for conventional and he said it still did not approve me. My middle score was 651. He said the reason for denial is mainly 'Too much new credit'. He is recommending if i add my wife to the application, it will possibly approve our loan. Her FICO scores are aound 730-740 with perfect payment history. Together our income is around $196K. We were trying to get pre-approved for $300K loan with $30K down. I dont know at this point what should i do. Should I try adding my wife or wait for my credit scores go above 700? I know though i add my wife it will still only take my credit score. But from anyone's experience here if adding a person with better credit history can approve a loan in this condition?

[StartingOver10]

Yes. Add your wife.

[sghosh5]

Thanks we will give it a shot together. Do you think should she apply as primary and add me as co-borrower?

[StartingOver10]

In mortgages you both are co-borrowers anyway. Ask your LO if it makes a difference. I don't think it makes any difference at all which one is listed first.

[ezdriver]

Tell us about your lender ... broker, banker, credit union??

[sghosh5]

I contacted MyKeystone Loan company after getting review from Zillow. The broker name is Rob mod cut 

[ezdriver]

OK ...

I recommend that you start with a local credit union. Forget about the big banks. Borrowers with your income and credit profiles are just what credit unions want in their members. 

[StartingOver10]

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@ezdriver wrote:

OK ...

I recommend that you start with a local credit union. Forget about the big banks. Borrowers with your income and credit profiles are just what credit unions want in their members. 

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Agree. 

[TurboFX]

You scores are good enough for a conventional 10% down. Income is good for the requested loan amount. Unless you have a lot of debt thaf will increase your DTI. Adding your wife will not harm you because they will still use the lower of the 2 scores. In fact you would probably get better rates having the loan solely under your wife's name if she qualifies with only her income. You should not have too much trouble getting a mortgage.

[tooleman694]

I bet you could FHA this no problem. My score were higher then yours and I had to go FHA.