topic Re: Stupid question so please don't shoot me! LOL in Mortgage Loans

Stupid question so please don't shoot me! LOL

mamahearts — Sat, 27 Aug 2011 04:10:36 GMT

I pulled my credit scores today. Myfico.com monitoring TU 683, EQ 645. My DTI is about 25%. Would it be possible for me to get a FHA without my husband being on the loan?

Credit scores 683 TU and 645 EQ (myFICO scores), 1) satisfied judgment 2/27/06 (trying to get vacated), collections 1) $193 12/7/05 Paid, no CO, late pyts, Bks, liens, back owed child support, length of credit oldest active account 8 years, youngest active account 2 years
Income $30400
Source of Income Employment-hourly (15.87/hr)
Monthly debt payments Credit cards limits are 1) $500 and 2) $900 no where near the limit
Employment Full-time job I've been at since 2003
Assets and Reserves 401K $18000 (mine) Husband's $16000 (his company is being bought out in May so his current 401K management is paying out all 401Ks so plan to use part of this $ for downpayment)
Location South Dakota
Property Single family, excellent condition
Value $89000-100,000
Occupancy Primary residence
Transaction Type Purchase

Re: Stupid question so please don't shoot me! LOL

Lel — Sat, 27 Aug 2011 03:46:39 GMT

No bullets here , but you'll have to provide a lot more info in order to get a meaningful response. See this thread for info that would help get an answer.

http://ficoforums.myfico.com/t5/Mortgage-Loans/Do-I-qualify-for-a-mortgage-Info-that-is-needed/m-p/381846/message-uid/381846#U381846

Re: Stupid question so please don't shoot me! LOL

mamahearts — Sat, 27 Aug 2011 04:08:04 GMT

Thanks! Here are the answers:

Credit scores 683 TU and 645 EQ (myFICO scores), 1) satisfied judgment 2/27/06 (trying to get vacated), collections 1) $193 12/7/05 Paid, no CO, late pyts, Bks, liens, back owed child support, length of credit oldest active account 8 years, youngest active account 2 years
Income $30400
Source of Income Employment-hourly (15.87/hr)
Monthly debt payments Credit cards limits are 1) $500 and 2) $900 no where near the limit
Employment Full-time job I've been at since 2003
Assets and Reserves 401K $18000 (mine) Husband's $16000 (his company is being bought out in May so his current 401K management is paying out all 401Ks so plan to use part of this $ for downpayment)
Location South Dakota
Property Single family, excellent condition
Value $89000-100,000
Occupancy Primary residence
Transaction Type Purchase

Re: Stupid question so please don't shoot me! LOL

Lel — Sat, 27 Aug 2011 04:30:50 GMT

@mamahearts wrote:
I pulled my credit scores today. Myfico.com monitoring TU 683, EQ 645. My DTI is about 25%. Would it be possible for me to get a FHA without my husband being on the loan?

I'm a little confused here - you say that your CCs are nowhere near their limits, but you also say that your DTI is 25%. Are there other debt payments that you make - car loan, student loan, etc.?

Re: Stupid question so please don't shoot me! LOL

mamahearts — Sat, 27 Aug 2011 04:34:28 GMT

No that was a mistake. I added DH's credit card and student loan.

Re: Stupid question so please don't shoot me! LOL

BrianB_The_Loan_Professor — Sat, 27 Aug 2011 06:25:42 GMT

You should be ok as long as you do not live in a community property state where you would be forced to count husbands debts against your ratios - even then you would probably be fine but the dti would be tighter for qualifying.

Good Luck

Brian

Re: Stupid question so please don't shoot me! LOL

BrianB_The_Loan_Professor — Sat, 27 Aug 2011 06:27:10 GMT

SD is not community property

Re: Stupid question so please don't shoot me! LOL

mamahearts — Sat, 27 Aug 2011 13:33:03 GMT

Thanks for your input and for finding that out for me! I appreciate it.

@BrianB_The_Loan_Professor wrote:
SD is not community property

Re: Stupid question so please don't shoot me! LOL

mamahearts — Mon, 29 Aug 2011 16:41:11 GMT

I heard back from my bank today and I can apply and qualify without my husband's income or debt. I'm so happy to be able to get started. Thanks for everyone's advice!