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Should i apply by myself!

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Regular Contributor

Should i apply by myself!

We now need a 4 bedroom house & would like to move to a new house if possible.. . I was dealing with a loan officer in Aug who in the end said could not approve us due to score and collections.. More due to high util., but she told me to pay down money. To raise score. At that time I was in the 635-680 score range. I know I won't be using that person when it's time, because I called her back to tell her our status and was adamnant to repull score.. I said no but wanted a rough estimate of what we would be approved for based on income.. Needless to say, been about 6 weeks no email or call. 😡 I don't want to have any more inquiries than I need. 


Credit. 700's per myfico 2 late pays on mortgage loans in 2008, 1 collection account medical for $137 from 2010. Active accounts: 2 car loans $1400 month, 20 cards about $400 total month, mortgage 69,000 pay $965 month
Income. 75k base salary employed for 14 years by the same company (bonus given never same)
Source of income. full time 
Employment w-2
Assets/Reserves. $18000 in saving plus maybe $10000 from net on the low side from the sale of current home if needed $10000 401k
Location. Houston, Tx
Property. single family
Value. 220k
Monthly debt according to creit karma: $2094

Occupancy. Primary residence
Transaction TypePurchase 
Other info: This is all my  info. Hubby scores are lower and has 5 collections left all less than $2000. We have same debts.. He has $15000 401k
Should I apply alone? If i do with him we hit about $110,000. Also our tax returns hindered us due to employment expense deductible
Really want to go conventional

 

Any advice is sincerely appreciated!

Updated 11/12/14
EQ 717 TU 718 EX 732

updated FICO 10/28/14
EQ 710 TU709 EX683

myfico scores 10/25/14
EQ 677 TU 695 EX 683

Message 1 of 5
4 REPLIES 4
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Contributor

Re: Should i apply by myself!

Not sure if I missed it or not,

 

Keeping the old house?

 

Other than that it looks real good.

Message 2 of 5
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Regular Contributor

Re: Should i apply by myself!

We are planning to sell current home.


Do no want to carry 2 mortgages.

 

I am wondering to apply by myself for better interfest rate, but not sure If I can get approved for 220,000 without hubby income. His scores are in the mid 600's but have few collections in the dreaded "disputed by consumer" so I am sure not actual fico's!!

 

Current MY FICOS 721 EQ 730 TU 738 EXP

Updated 11/12/14
EQ 717 TU 718 EX 732

updated FICO 10/28/14
EQ 710 TU709 EX683

myfico scores 10/25/14
EQ 677 TU 695 EX 683

Message 3 of 5
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New Contributor

Re: Should i apply by myself!

Ha!  I am unqualified to answer your question, but I find our similarities interesting!  Good luck whichever way! 

 

I did receive some recommendations for brokers (I believe) that I'd be happy to share.  I haven't reached out to them yet as I am waiting for my downpayment/closing/reserves picture to improve first, but one of them is a TX guy, too!

Message 4 of 5
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Super Contributor

Re: Should i apply by myself!

apply joint.

the loan officer can remove a spouse if they hurt the file.

 

also. even if scores are low, there is no reason for the LO not to be able to give you a good consultation on what it would take to get approved.

 

 

Retired Lender
Message 5 of 5
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