DTI / Joint Mortgage Question

[Genkeim]

Thought about it but I want to keep under $25k. With Z plan and incentives I'm hoping for $20k 

I'm getting impatient waiting for scorewatch to tell me eq has updated! I was hoping to get this done over the weekend. Car I'm driving now needs some serious front end work done, I'm litterally waiting for one of the wheels to fall off, so I'm wanting to get new one ASAP.

[Remember0]

Lol. It'll happen soon enough, no worries. Don't you hate how stuff seems to take longer when you're waiting for it?

[Genkeim]

Yeah, like Christmas and water boiling. haha

[Genkeim]

As a follow up for anyone who might be in the same situation.

GF called DCU and asked about requirements and asked about the joint mortgage. She was told that in cases where there is a joint mortgage they automatically assume the payment is split and will only count 1/2 of the listed amount against the borrower.

Additional info:They pull Equifax and 675 is the minimum score needed for the best rates. The rate is the same for new or used. How they work used cars is you have until 12 years from the model year to have the car paid off. Meaning if you get a 2004 model year car, it would have to be paid off by 2016, so a 48mo loan is all they would give you. You don't have to open an account with them however you have to add .5% to the rate if you don't.

*edit corrected minimum credit score

[Remember0]

Whoa thanks for all the detailed info! It'll definitely help someone.

One minor correction: Min score must have been 670. Can't be 870, that'd be nobody

[Genkeim]

Yes you're correct it was as typo and the 670 was incorrect also, it's 675. I've corrected my post. Thanks for catching it!

[Genkeim]

Update:

Equifax updated to 671. Talked with NCFU, they pull EQ for autoloans. Went ahead and applied for $25k for 72months. Automated system denied, sent it for manual review. Loan dept reviewed and approved me for $25k for 72 months @ 10.09%. Picked up a $3k navcheck line since they used the same pull

Really wanted less thatn 10.09% so will be seeing what DCU can do before going to the dealership this weekend. 

[Remember0]

I'm guessing you'll get 4.99% with DCU for 60 months (maybe 5.49 or 5.99 for 72)...good luck though! You may have to call DCU for a quicker turnaround.

[Genkeim]

Update 2:

Called DCU this morning. Was approved for $25k for 65months at 5.49%. Found a car at the dealer, they're going to run Ford Motor Credit on Monday to try to beat what I have. 

[Genkeim]

Final update:

Dealer ran app with Ford Motor Credit and they came back with 0% for 60 months. Salesman told me and I was like shut the front door! I was amazed!! Needless to say took their deal and took the car.

Thanks for everyones help!!!