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Hey All,
I just got married 20 months ago and my wife and I are wanting to move soon. My wife has had her house for 14 years now, mine went with the divorce 7 years ago. We want to either build or buy in the $400-415K range.
Our credit profile:
I have a Mortgage Middle score of 725
Filed BK 7 discharged sept 2012 (divorce)
No Lates in the past 7 years
Child Support $927 per month done Feb 2020
Car Lease $315
Your score could be improved upon too. Capital One Bank $4,473 / $7,000 has high utilization 64%
Her scores can be improved. Question is, how much money do you want to use to pay down the debt?
Estimates for FICO 8 points. Mortgage scores EX2, TU4, EQ5 should react similar.
40-60 aggregate utilization
(+-)20 individual utilization.
60-80 points
Balance | Limit | Utilization | |
Amazon | $1,620 | $1,900 | 85% |
Jpmcb | $2,000 | $2,300 | 87% |
Kohls | $2,981 | $3,000 | 99% |
C1 | $1,980 | $2,000 | 99% |
Jpmcb | $460 | $500 | 92% |
BR | $3,929 | $4,700 | 84% |
Venus | $1,654 | $2,020 | 82% |
Buckle | $1,957 | $2,790 | 70% |
Von Maur | $212 | $1,000 | 21% |
Total | $16,793 | $20,210 | 83% |
Hello,
Thanks for your input.
We are in Nebraska, No Military
We could pay down some of the wife's CC debt pretty quickly, and I know that would help overall FICO scores, just was not sure how much it would help her Mortgage score? That's why I was wondering if I could go at it alone now to speed up the processes of getting approved. If we need to build I would like to get it started sooner than later. Also, not paying down the CC debt leaves us to use some of our cash reserves for any emergency etc.
I would think most likely we could get approved for our $415K if we went in together even at this point, I was just hoping for better rates using my middle score.
@Anonymous wrote:Hey All,
I just got married 20 months ago and my wife and I are wanting to move soon. My wife has had her house for 14 years now, mine went with the divorce 7 years ago. We want to either build or buy in the $400-415K range.
Our credit profile:
I have a Mortgage Middle score of 725
Filed BK 7 discharged sept 2012 (divorce)
No Lates in the past 7 years
Child Support $927 per month done Feb 2020
Car Lease $315
Capital One Bank $4,473 / $7,000Capital One Bank $123 / $14,000Discover Financial $0 / $4,900Capital One Bank 0$ / $13,300Capital One Bank $0 / $500Income $103K plus Bonus (Last Year W2 $119K, this year minimum $113K) Same career Field for 29 yearsWife:Mortgage Middle Score 634Brand new Student Loans of $21K (she is currently back to school)All Payments Current past 18 monthsThe only Late payments in the past 24 months shown on her report is 3 mortgage payments paid late 2017Syncb/amazon $1,620 / $1,900Jpmcb Card Services $2,000 / $2,300Kohls Department Store $2981 / $3,000Capital One Bank Usa Na $1980 / $2,000Jpmcb Card Services $460 / $500Syncb/banana Republic $3,929 / $4,700Comenitybank/venus Credi $1,654 / $2,020Comenity Bank/buckle $1,957 / $2,790Von Maur $212 / $1,000All Above paid ontimeWife Income: $75K+ Same career Field for 24 yearsCurrent House (in her name only) Mortgage Balance $107K Market Value $180K20K in savings67K in 401KMy question.. Can I get pre-approved alone if we consider $45-50K down using house sale equity? Or do we need to work on her score to go together and get it done?Any constructive criticism will be appreciated. 😊
Hi Shimp,
Based on the info you provided & some "assumptions" on my part, you should be fine at $415,000 with 45K down on your own.
I guessed your cc payments would run $400 per month & taxes & insurance on the house would run $600 per month.
These figures combined with your car payment & child support put your debt to income ratio under 45%.
Does that make sense?
ValoanMaster.
Thanks for your input. I was thinking I will pay down all CC (mine not wifes) to $0, but leave a small balance on one? It may take me a couple of months, but hoping the DTI gets better than you suggested and helps get me a better chance of securing by myself. Then we will attack my wifes CC over time.
@Anonymous wrote:ValoanMaster.
Thanks for your input. I was thinking I will pay down all CC (mine not wifes) to $0, but leave a small balance on one? It may take me a couple of months, but hoping the DTI gets better than you suggested and helps get me a better chance of securing by myself. Then we will attack my wifes CC over time.
As long as your DTI is under 45%, you'll be fine.
@CreditInspired wrote:
Just brainstorming here.
A question. Is it possible or would a lender accept, if OP wanted to pay the last 4 child support payments in a lump sum. That would give his DTI a humongous boost and he would no question be able to qualify on his own for the mortgage he wants.
@CreditInspired,
While that is certainly an option, it's not really necessary because the OP's DTI is under 45% with the child support included.