My husband was recently approved $90,000 mortgage loan by himself. The house we are interested in buying is listed at $149,900. My monthy income is $2755.00, plus I have other income of 300.00 per month child support. My credit history is not the best, my scores are 567, 541 and 588. I have a couple of collections listed on my credit that I plan to pay off next month. I also have one over 30 day late on a cc and two on vehicle note. What can I do to improve my credit situation so that I can be added to my husbands preapproval. Also, I've subscribed to a company where I can view my credit scores online and my scores have not increased in the past four months during which time I've paid everything current. I only have a joint cc and vehicle not that I pay everymonth. Any advice would be helpful so we won't miss out on our dream home.
Well it looks like even though you make a pretty nice penny, the $1k/mo in car payments and $200/mo in credit card payments is bringing your guys debt to income ratio kind of high for a $150k sales price/loan amount. It's worth a shot being run through FHA's automated underwriting though. If you don't get approved via automated underwriting then you'd be right around a $110-120k limit.
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