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Do I Qualify for a Mortgage?

kristiner1981
Valued Member

Do I Qualify for a Mortgage?

  1. Credit EQ: Fico 8 680, Fico 5 664; TU: Fico 8 677 Fico 4 643; EX: Fico 8 693 Fico 2 697 Collections: EQ: Date 10/08, Amount Owed: $4,590; Late Payments:3 CRA: Auto Loan: Redeemed Repo 12/11, Have paid on time since then; All 3 CRA: Auto Loan: Closed 10/10 Late about 12 times between 11/08 and 10/10
  2. Income.  $64,585, new salary as of 7/1/15 $66,200
  3. Source of income.  Employement
  4. Monthly debt payments.  Student Loan: $183, Car Payment: $370, Joint Car Payment (with husband): $460; Credit Cards: $0 balance
  5. Employment  Full time, W-2, at this job for 7 years, industry for 10 years
  6. Assets/Reserves. $24k in Savings
  7. Location.  Illinois, Will County
  8. Property. Single Family House
  9. Value.  $175,000 - $240,000
  10. Occupancy.  Primary residence
  11. Transaction Type. Purchase

My husband's gross pay is $64,200 but his credit isn't good due to defaulted student loans that he is now paying, so I'm trying to get a loan with just my name, so I know his information is irrelevant. We have one child living at home. 

 

Thank you!

Message 1 of 7
6 REPLIES 6
frugalQ
Valued Contributor

Re: Do I Qualify for a Mortgage?

your best bet will be to use a mortgage affordability calculator.  because you have to count both car loans, that is limiting the purchase amount.

 

http://www.myfico.com/CreditEducation/Calculators/how-much-can-i-borrow.aspx

AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 2 of 7
dpeezy
Valued Contributor

Re: Do I Qualify for a Mortgage?

If you have documentation (bank statements or cancelled checks) stating that your husband has been paying the $460 car note in full on his own for the past 12 months you may not have to count that against your DTI.

Mortgage Loan Officer licensed in CA & AZ


Message 3 of 7
kristiner1981
Valued Member

Re: Do I Qualify for a Mortgage?

dpeezy...we have a joint checking account, everything goes in and out of that account.

Message 4 of 7
frugalQ
Valued Contributor

Re: Do I Qualify for a Mortgage?

Really?! That is interesting. Is that a widespread rule or lender specific? I ask because when we were in the mortgage process, our LO never said we could do that...and we were considering going letting just one of us qualify.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 5 of 7
kristiner1981
Valued Member

Re: Do I Qualify for a Mortgage?

When I talked to the lender he asked if my husband paid the joint car loan but since we have a joint checking that it comes out of they have to include it. I wish I would have known that months ago.
Message 6 of 7
Revelate
Moderator Emeritus

Re: Do I Qualify for a Mortgage?


@frugalQ wrote:
Really?! That is interesting. Is that a widespread rule or lender specific? I ask because when we were in the mortgage process, our LO never said we could do that...and we were considering going letting just one of us qualify.

Might not this depend on whether you live in a community property state?

 

Just conjecturing, no knowledge either way!




        
Message 7 of 7
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