Posted on: 29th May, 2012 09:29 am
Hi
My wife and I are planning to by our first home sometime in 2013. I have had a struggling business over the last 3 years and my income has not been very high, plus I have a fair amount of credit card debt from the business. I am planning on starting a new job at the end of the year once my business has been sold.
I know that my credit score has come down as well.
My wife on the other hand, has an excellent credit score, a small car loan, and less than 200$ in monthly debt payments, most of which she will be done paying in the next 6 to 8 months. She also has over 6 figures in savings. She just started a new job and will be making 50K a year.
Needless to say, she is well ahead of me in the financial department.
Would it be better for us to apply for a mortgage with just her on there?
Will she be likely to be approved?
With her savings, credit score, and salary...will it be likely for us to be able to afford a $200,000 house?
any thoughts or advice for us would be helpful.
thanks
My wife and I are planning to by our first home sometime in 2013. I have had a struggling business over the last 3 years and my income has not been very high, plus I have a fair amount of credit card debt from the business. I am planning on starting a new job at the end of the year once my business has been sold.
I know that my credit score has come down as well.
My wife on the other hand, has an excellent credit score, a small car loan, and less than 200$ in monthly debt payments, most of which she will be done paying in the next 6 to 8 months. She also has over 6 figures in savings. She just started a new job and will be making 50K a year.
Needless to say, she is well ahead of me in the financial department.
Would it be better for us to apply for a mortgage with just her on there?
Will she be likely to be approved?
With her savings, credit score, and salary...will it be likely for us to be able to afford a $200,000 house?
any thoughts or advice for us would be helpful.
thanks
Hi Adam,
As far as I can understand both of you should jointly apply for a loan. Thus, the lender will consider the financial situation of both your wife and you in order to approve you for a loan.
As far as I can understand both of you should jointly apply for a loan. Thus, the lender will consider the financial situation of both your wife and you in order to approve you for a loan.
She qualifies on her own for a purchase of $200,000
She does not have to pay off any debts to qualify.
Buy the house now in her name alone on the mortgage while rates are low. You can be on the deed.
Above is fine as long as you are not in a community property state.
She does not have to pay off any debts to qualify.
Buy the house now in her name alone on the mortgage while rates are low. You can be on the deed.
Above is fine as long as you are not in a community property state.
