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FHA loan help - Joint Loan

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denver133
Frequent Contributor
‎03-15-2014 03:50 PM
‎03-15-2014 03:50 PM

FHA loan help - Joint Loan

Here are the details.

 

My mid score: 620

Wife: 750

 

Total income - $110,000

Down: $19,000

 

Looking at a $325,000 home.  

Monthly costs

Revolving: Balances will report $0.00 April 1st.  

Car 1: $558.03

Car 2: $383.50

Student Loan: $285.00

 

Only one oustanding collection of $4,791 that we have been trying to get a PFD for.  No response.   Looking for suggestions/help that we could make this happen.  


My Cards: CSP: $5,000 // Hyatt: $5,000 // Cap1 Venture: $5,000 // US Bank Plat: $3,500 // Discover: $1,000 // AMEX BCE: $1,000 // Lowes: $5,500 // Furniture Row: $3,500 // Buckle Store Card: $750

Current MyFico Scores: EX 687 EQ 696 TU 687 Gardening from 5/15 till 5/16

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ShanetheMortgageMan
Super Contributor
‎03-19-2014 10:24 AM
‎03-19-2014 10:24 AM

Re: FHA loan help - Joint Loan

Debt to income ratio should be fine for what you are proposing.  5% of the balance on the collection will be used as a monthly payment, but even with that the debt ratios look fine. 

The issue will be the delinquent marks on your credit, if they are all over 12 months old then your credit should be OK as well.

Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
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