Posted on: 14th Aug, 2011 06:26 pm
Hi,
My wife and I don't know a lot about mortgages, but we want to apply for a loan.
Our situation is my wife has great credit, but mine is rebuilding. I filed bankruptcy prior to our marriage and it was discharged almost a year ago.
My wife's score is around 700
My score is 646
Combined gross income per month: $5146
She has two auto loans in her name currently and three credit cards.
I have one credit card.
Our DTI is 22 %.
Do we have any options for a mortgage? If all else fails could she apply for the mortgage w/out me? She makes about $42,000 a year on her own.
My wife and I don't know a lot about mortgages, but we want to apply for a loan.
Our situation is my wife has great credit, but mine is rebuilding. I filed bankruptcy prior to our marriage and it was discharged almost a year ago.
My wife's score is around 700
My score is 646
Combined gross income per month: $5146
She has two auto loans in her name currently and three credit cards.
I have one credit card.
Our DTI is 22 %.
Do we have any options for a mortgage? If all else fails could she apply for the mortgage w/out me? She makes about $42,000 a year on her own.
Hi gizmo!
Welcome to forums!
There are chances that your wife can apply for a mortgage on her own and qualify for a conventional loan. However, if you both want to qualify for a loan, then depending upon your credit scores, both of you will have to apply for a FHA loan. There are chances that you will get a FHA loan together.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
There are chances that your wife can apply for a mortgage on her own and qualify for a conventional loan. However, if you both want to qualify for a loan, then depending upon your credit scores, both of you will have to apply for a FHA loan. There are chances that you will get a FHA loan together.
Feel free to ask if you've further queries.
Sussane
You can both qualify for a loan. You just have to figure out the best loan offers that would suit you both. Look for a mortgage broker to help you settle your loan application.
With a BK discharged one year ago, you will not yet be able to get a mortgage.
If the debt ratio is 22% with both of your incomes, then the debt ratio with only your wife's income is 32% and that means she can get the mortgage by herself. She can probably get a mortgage up to a 45% debt ratio but may need a maximum 41% debt ratio if you get a conventional mortgage and need private mortgage insurance.
Her credit score is 700 and yours is 646. Morte options for mortgages at better interest rates are availabale for credit scores of 700 than for credit scores of 646.
So, go buy the house with only your wife on the mortgage. You should be on title and on title only.
If the debt ratio is 22% with both of your incomes, then the debt ratio with only your wife's income is 32% and that means she can get the mortgage by herself. She can probably get a mortgage up to a 45% debt ratio but may need a maximum 41% debt ratio if you get a conventional mortgage and need private mortgage insurance.
Her credit score is 700 and yours is 646. Morte options for mortgages at better interest rates are availabale for credit scores of 700 than for credit scores of 646.
So, go buy the house with only your wife on the mortgage. You should be on title and on title only.
Don't you love it John? After two positive responses, the applicant gets the correct one from you. I'm awfully tired of seeing the space on this website get wasted by meaningless references to experts and unthinking suggestions that someone will surely be qualified.
Thank you for monitoring as you do, and setting folk straight. This all makes me want to throw up my hands sometimes.
Thank you for monitoring as you do, and setting folk straight. This all makes me want to throw up my hands sometimes.
