Posted on: 15th Jun, 2009 09:03 pm
Here is our situation: My husband owned a home before we were married that was foreclosed on. He had a 1st & 2nd mortgage with it. We are getting ready to put our house on the market and went to get pre-approved for our next house. We discovered that the 2nd mortgage was on his credit report. The mortgage consultant said that my husband could never be on a loan with that still showing up. I have excellent credit (750+) and no debt, except for our current house payment. Any suggestions on what we can do to get a decent loan amount? Without including his income, I only qualify for $70,000.
discouraged122
Welcoem to the forum
Since your husband cannot be on the loan due to his situation, there is not much can be done, except you goign alone
As you states your income qualifies you for only $70,000/-, probably what you coudl do it, see if you can show that you will be renting your house and reduce yoru DTI by that and that may help you to qualify for higher loan.
May be you can rent it to one of your relatives
Good luck and feel free to ask
Welcoem to the forum
Since your husband cannot be on the loan due to his situation, there is not much can be done, except you goign alone
As you states your income qualifies you for only $70,000/-, probably what you coudl do it, see if you can show that you will be renting your house and reduce yoru DTI by that and that may help you to qualify for higher loan.
May be you can rent it to one of your relatives
Good luck and feel free to ask
you need to go alone. what is the amount of 2nd mortgage?
discouraged122
One more option woudl be, if you cna pay off the debt which shows up on yoru husbands report and waiti some time to finannce using combined income
Good luck
One more option woudl be, if you cna pay off the debt which shows up on yoru husbands report and waiti some time to finannce using combined income
Good luck
The 2nd mortgage amt is $15,000.
discouraged122
If you can pay it off thet will help you to get your new home sooner or wait until you can pay it off and then look to buy a new house
Good luck and feel free to ask
If you can pay it off thet will help you to get your new home sooner or wait until you can pay it off and then look to buy a new house
Good luck and feel free to ask