Should I apply now??

[EyesofTexas]

Looking to buy home this year, around May. I'm sure but not 100% me and my wife will qualify for a loan. But is it a good idea for us to apply now with mortgage lenders to see if we do and if we don't what necessary steps we need to take to qualify. 

Is it a good idea to apply now.  I have a 707 credit scores and wife 620. 

Thanks for any advice. 

[Anonymous]

There are some really good threads here, and a lot of users should be able to answer you specifically.  However, I highly recommend you begin speaking with lenders.  You can give them your own credit scores and have them 'assume' those to tell you if you would pass automated underwriting.  You have a 3 month window for credit inquiries related to a mortgage to be lumped together, so I wouldn't let anyone ding your credit just yet.

Go in and ask lots of questions.  They will examine the specifics of your situation and give you an idea of what to expect.  Good luck!

[JM-AM]

What type of loan are you seeking?

Your Wife credit score is borderline depending on program and lender requirements.

If you give more details

Income
W2 employee
Self employed
Any credit issues in your reports.
Are your scores FICO scores from which bureau?

Start with that and you should get lots of opinions.

[EyesofTexas]

30 year loan, most likely FHA loan.

My income-53k-(teacher/coach public school)

Wife- 25-30k-(Self employed-Licensed hair stylist)

Credit Report

 My is clean

Wife- has a few collections that are small and almost 6 years old( were suggested that we did not pay because it would make them current on credit report)

Score are from myfico(equifax)

Thanks 

[JM-AM]

Your wife score is borderline. You will for sure have to shop lenders.

One other question

How much are you looking to borrow?

Depending on how much home is you may qualify alone. Just put your wife name on deed which gives her ownership of home with you. She just wouldnt be responsible for debt. Which in my opinion is always the best way to go if your income alone qualifies.

[EyesofTexas]

looking to qualify for 145-150k  

[JM-AM]

You probably qualify on your own depending on your DTI.

I would shop in your name only. Speak to a broker or LO and let them determine your DTI. If your DTI is good you should have no issues.

[tooleman694]

I am in Texas and doing FHA with a non-purchasing spouse. They added all of her debt against me when they calc the DTI.

[EyesofTexas]

Thanks. My DTI is fairly low. All I have of debt my Car payment of 540 and credit card payment of 35 bucks.  

thanks for the advice. 

[tooleman694]

What part of Texas are you buying.