My husband has low fico scores and some big issues we are fixing. So we were hoping I could apply alone for a Homeready Mortgage.
My credit is
TU 628 and my fico 4 is 635
Exp 624 and my fico 2 is 657
Eqf 614 and my fico 5 is 605
The TU and Eqf will be higher, I just have not updated them in a few weeks, but I will on the 9th.
I am a teacher with an income of $33,000/year and I do get child support. I know I fall within the income limits, but will I need to include my husbands income for income limits only? Or does his income not matter as long as he is not on the loan.
The reason we want to use Home ready is because I have $139,000 in student loan debt. It is currently in deferment until Dec. due to being in school for the spring semester. My REPAYE of $0 is good through October 6th, 2021, which is over 12 months away. I cannot afford to count the 1% rule or even the .5% Freddie Mac requires. Would I need to pull it out of deferment to qualify?
Also, I do have a few lates and couple of charge offs, the charge offs are all over 4 years old and 2 will be paid off in September. My lates are all over 12 months except 2, and the last one will age to 12 months in September.
I have credit cards, 3 are paid off and the other 3 have a total of 4800 owed, which I will have paid off in August. I have one personal loan, that is paid off as of November. I can pay off early if I need to.
If I do not have to count anything on my student loans, then my debt is $0 by November, and puts my DTI at 36% for a mortgage.
Would I have a good chance of qualifying for this loan? I have had a few mortgage people tell me they need to run my credit to give me a good answer, but I do not want any dings on my credit unless I am relatively sure I can qualify.
Thanks for any advice.
