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Help with First home Buyer on Midcare

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Anonymous
Not applicable

Help with First home Buyer on Midcare

Hi all, just need some information on this is issue. My wife just got on WIC and Midcare.

I would what to know if this could affect me buying a home this November.

I would want to add my wife to the mortgage loan.

I would be very grateful for any advice. Happy Easter to all

 

My Fico score is 710

Message 1 of 7
6 REPLIES 6
Lemmus
Established Contributor

Re: Help with First home Buyer on Midcare

...the factors that matter are both of your fico 04 mortgage scores ...not the fico 08 (credit) score normally seen on myFico ...you can get both scores by buying the 3B reports offered on the home page ...the lower of the mid scores will be used by your lender to determine base eligibility ...there is a sticky at the forum top that fully explains the differences

 

...the other factor is your combined DTIR using both of your incomes and debts ...with the proposed PITI on the new mortgage being used in the calculations

 

...her being on WIC/Midcare won't count against you if both your mortgage midscore and dtir meet the requirements of the loan program you use

 

...otoh, her qualifying for those programs may well mean that you are eligible for state down payment assistance programs that can cover your dp and closing costs depending on which state you are in ...google your state for info on the programs and assistance available ...hth 


Helpful Links: Do I Qualify? | Mortgage Calculator | USDA Mortgages | Opt Out | FICO Versions
Last HP: 11/04/15 | myFico 3B Jun 10 '15:FICO8 EQ - 752 | TU - 763 | EX - 750
Message 2 of 7
DallasLoanGuy
Super Contributor

Re: Help with First home Buyer on Midcare


@Anonymous wrote:

Hi all, just need some information on this is issue. My wife just got on WIC and Midcare.

I would what to know if this could affect me buying a home this November.

I would want to add my wife to the mortgage loan.

I would be very grateful for any advice. Happy Easter to all

 

My Fico score is 710


we dont care if you are on govt asst or not.

 

Retired Lender
Message 3 of 7
Anonymous
Not applicable

Re: Help with First home Buyer on Midcare

Thank you all for the information... I live in Florida tho. advise on buying home here please?

Message 4 of 7
Lemmus
Established Contributor

Re: Help with First home Buyer on Midcare

...FL is a huge state and it very much matters where you want to buy ...what county and urban/rural, etc ...the Alachua county and Palm Beach county markets are like comparing NYC and Timbuktu imnsho


Helpful Links: Do I Qualify? | Mortgage Calculator | USDA Mortgages | Opt Out | FICO Versions
Last HP: 11/04/15 | myFico 3B Jun 10 '15:FICO8 EQ - 752 | TU - 763 | EX - 750
Message 5 of 7
DallasLoanGuy
Super Contributor

Re: Help with First home Buyer on Midcare

once you identify an area you would like to live, hire a realtor who works that area specifically.

many realtors say they can represent you all over. that is bull

 

Retired Lender
Message 6 of 7
Anonymous
Not applicable

Re: Help with First home Buyer on Midcare

I live in at Petersburg and looking to buy around river view or Bradenton area. Clearwater is too expensive. Been looking at KB homes and west bay builder 

Message 7 of 7
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