Does My Brother In Law Qualify for a mortgage!

[Anonymous]

Hi this is my first post. My sister  and brother in law are trying to apply for their first home and want to know if they qualify here is their information, he will be applying alone. The reason why my sister won’t apply with him is because she has high utilization on CC and a car payment , only made 15,000 last year part time (full time housewife) otherwise she has good credit. They’re worried about his Short credit history. We wanted to know if he qualified and for how much. Thank you in advance any help you can offer would be appreciated.

fico mortgage - middle score 684 equifax 670 Transunion 718 experian 

No credit negatives 

Capital one - $0/800 opened 03/2017

Capital one - $600/1200 AU

Tj max Ge bank- $ 540/5500 AU recently paid down 

Belk Ge Bank  - $ 8,000/9200 AU my sister removed him last month still hasn’t come off his CR

No installment loans 

Gross income 2017 $33,000 most in bonuses and overtime - he made $9 an hour recently got a raise to $10 ($400)an hour overtime & bonus guaranteed about $350 to $380 a week 

W-2 

length of  employment - 12/2016 current job has only filed 2016 & 2017 since he has only got his green card May 2016 

Monthly payments-

Capital One $25

Belk AU -$200

Capitla one AU- $21

TJmaxx AU-$45

17,000 for down payment and closing cost in savings account 

no 401k or investments  

Location Boaz AL 35957

Primary Residence - first time home buyer 

Single family home or new construction 130,000 - 180,000 3/2 or 4/2 family of 4 

30 year conventional or FHA 

[NC_Mtg_Loaner]

He has good credit scores for sure but it's time to get him off the accounts as an Authorized User and get one more credit card in his name only ASAP if you ask me.    If he stays as an AU then he inherits those monthly liabilities that reduce his buying power by $50-60k.

That's an additional handicap without 2 yrs. of employment at the same company yet and you'll be hard pressed to find a mortgage lender to include any OT income as effective income for qualifying purposes which he might very well need if you want to purchase in that range without a co-borrower. 

However,  he is off to a decent start and I think you'll be in a better spot come December when he hit's that 2 year anniversary and can add that additional OT to the mix.  

[kc0039]

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@NC_Mtg_Loanerwrote:

He has good credit scores for sure but it's time to get him off the accounts as an Authorized User and get one more credit card in his name only ASAP if you ask me.    If he stays as an AU then he inherits those monthly liabilities that reduce his buying power by $50-60k.

That's an additional handicap without 2 yrs. of employment at the same company yet and you'll be hard pressed to find a mortgage lender to include any OT income as effective income for qualifying purposes which he might very well need if you want to purchase in that range without a co-borrower. 

However,  he is off to a decent start and I think you'll be in a better spot come December when he hit's that 2 year anniversary and can add that additional OT to the mix.  

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In addition, IF the employer states on a letter that he has guaranteed OT, we can use the OT. Employer will also fill out  a verification of employment to coincide with OT and the paystubs to match said OT.

[Anonymous]

Thank you, she had already asked one lender and they told her the same thing about his OT, she wanted to apply for another cc for him but I told her to wait and talk to a lender first before she does anything else.