I'm no expert on mortgages, rough guess on your own you will likely be able to qualify somewhere in the middle to upper $300k area (other factors may allow you significantly higher-- again I'm no expert).
Questions that might help others give you a more precise answer is what state do you live in (community property state)? Do you have any military affiliation?
If you're concerned about her credit score, with roughly $15k you could get her scores into upper 600's low 700's. As I'm sure you can tell, her utilization is killing her scores. AZEO method would give her score a big jump.
Questions that might help others give you a more precise answer is what state do you live in (community property state)? Do you have any military affiliation?
If you're concerned about her credit score, with roughly $15k you could get her scores into upper 600's low 700's. As I'm sure you can tell, her utilization is killing her scores. AZEO method would give her score a big jump.
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% |
Together your income should qualify for the loan you want.
I'm pretty sure you can get her mortgage score into the same rate tier you are currently in by bringing most her card's to a zero balance, and leaving the other under 8.9% utilization.
If you're going to apply alone you will probably want to wait until after you're no longer required to pay child support. The $900ish payment will definitely be questioned when the underwriter reviews your bank statements.
When you've decided its time for you to apply, I'd talk to your primary checking bank (see what they offer). Your chosen contractor will likely have suggestions for lenders that know how to close a construction loan.
For me, Ally bank had best rate and terms (didn't qualify for enough on my own for the house we purchased, and wife's credit wasn't high enough to add her).
US Bank offered terms close to what Ally offered and accepted my wife's score (we used US Bank for our loan).
Our credit union offered us a loan also, but we decided not to use them since we were told they wouldn't service the loan for the complete term (small credit union, 5 branches).
Best of luck.
I'm pretty sure you can get her mortgage score into the same rate tier you are currently in by bringing most her card's to a zero balance, and leaving the other under 8.9% utilization.
If you're going to apply alone you will probably want to wait until after you're no longer required to pay child support. The $900ish payment will definitely be questioned when the underwriter reviews your bank statements.
When you've decided its time for you to apply, I'd talk to your primary checking bank (see what they offer). Your chosen contractor will likely have suggestions for lenders that know how to close a construction loan.
For me, Ally bank had best rate and terms (didn't qualify for enough on my own for the house we purchased, and wife's credit wasn't high enough to add her).
US Bank offered terms close to what Ally offered and accepted my wife's score (we used US Bank for our loan).
Our credit union offered us a loan also, but we decided not to use them since we were told they wouldn't service the loan for the complete term (small credit union, 5 branches).
Best of luck.
