Couples mortgage question

Anonymous · ‎09-05-2007

We are looking to purchase our first house @ $230,000. She makes $60,000, I make $52,000. My credit scores are 786/796/814 as of May, and hers are 510/565/580 as of Sept. How would this work? Could we qualify? And what type of % could we get and how much money down would we need?

Anonymous · ‎09-05-2007

@Anonymous wrote:
@Anonymous are looking to purchase our first house @ $230,000. She makes $60,000, I make $52,000. My credit scores are 786/796/814 as of May, and hers are 510/565/580 as of Sept. How would this work? Could we qualify? And what type of % could we get and how much money down would we need?

What is your DTI with just your scores/income?
How much Down do you have?

Doing a rough estimate - unless you have other large payments you might be able to pull the mortgage on your own.

Anonymous · ‎09-06-2007

Thats what i would try to do or work on getting her scores at 600 plus. Remember that fico is not everything on a mortgage loan but almost is.

Timothy wrote:

What is your DTI with just your scores/income?
How much Down do you have?

Doing a rough estimate - unless you have other large payments you might be able to pull the mortgage on your own.

Anonymous · ‎09-06-2007

Mortgage guy, do lenders always look at the lower median FICO of couples, both FICOs, or the FICOs of the highest wage earner, or does it depend upon the lender?

Anonymous · ‎09-06-2007

@Anonymous wrote:
Mortgage guy, do lenders always look at the lower median FICO of couples, both FICOs, or the FICOs of the highest wage earner, or does it depend upon the lender?

Normally median of Higher income.

Message Edited by Timothy on 09-06-2007 05:16 PM

Anonymous · ‎09-07-2007

Depends on the lender and the type of loan.

taz wrote:
Mortgage guy, do lenders always look at the lower median FICO of couples, both FICOs, or the FICOs of the highest wage earner, or does it depend upon the lender?