No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
We just tried to get pre-approved through Wells Fargo as I felt our current LO wasn't being very responsive with our questions. I'm not sure if the LO from WF actually ran all of our information but he called me back to say that the rule of thumb is to approve mortgages for only 3 times the family's annual income. Since I've had a slow month at work he used this month to calculate our yearly income, putting as at $51k/year, so we would approve for only $153k through them. My prior pre-approval from the other bank was $225k with me making a little bit more money, but there was no way they assumed we were making $75k. The paystubs I gave her would have put us at $59k/year.
So was the LO from Wells Fargo wrong in telling me we'd only get approved for $153k? (Which wouldn't even buy as a mobile home where we live) Our only monthly debts are a $200 car payment and $60 student loan.
DH makes $92K/year (I make bits here and there doing freelance graphics) and we were approved for up to $350K -- they said they'd be able to go as high as $400K, but advised against it.
Our debts are roughly:
$100-200/month minimums on 7 CCs
$200/month student loan$200/month car note - since we only had 3 more payments, this wasn't included in the DTI
Property taxes roughly $2100/year
Homeowner's insurance roughly $2100-2900/year.
We ended up with $216K.
So, I think that roughly translates to about 4 times his salary. :/
Wonderin - How did you get your husband's score up from 400 in less than a year? What worked for you?
@getting2work wrote:
Wonderin - How did you get your husband's score up from 400 in less than a year? What worked for you?
Do you have high property taxes?
I make $50K, was approved for $180,000 assuming 5.5% and $4,500 for taxes...
My final loan amount I went with was $154,100 (after $8K as my down payment).
Make sure you can afford your mortgage and still afford to have a life!
Good Luck!!!