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Dream Home

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Established Member

Dream Home

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.
Message 1 of 7
6 REPLIES 6
Community Leader
Super Contributor

Re: Dream Home

Have you asked the loan officer if you can be added to the approval, or did you only talk about doing the mortgage in your husband's name?
 
When were the collections, and what were the circumstances around them?  Same questions on the 30 day lates on the CC & vehicle.
 
What is your husband's income?  What are your guys total minimum payments on cc's, cars, loans, etc.?
Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 2 of 7
Established Member

Re: Dream Home

I worked with a company for five years and lost my job in 2006, couldn't afford to keep up the payments once I lost my job. 
Message 3 of 7
Community Leader
Super Contributor

Re: Dream Home

Job loss is considered an extenuating circumstance... and for an FHA mortgage derogs can be OK if they are from extenuating circumstances.  The other questions I asked are equally important though.
Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 4 of 7

Re: Dream Home

Husband monthly income is 1800.00 per month.  He doesn't have any accounts in collection or lates
Message 5 of 7

Re: Dream Home

Car notes 1000.00 CC's $200.00
Message 6 of 7
Community Leader
Super Contributor

Re: 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.
Helping people with Mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
In Irvine, CA and lending in all 50 states

Information that is needed to determine if you qualify for a mortgage

Message 7 of 7
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