Profile picture for user818588

What can I do to get more (or better) quotes for my loan request ZR-PTXKVMR?

My husband & I have good incomes, steady jobs and would like to buy a home.  We have been married 3 yrs and I had a BKY 8 yrs ago and he had considerable debt from his previous marriage.  I have been working hard to reduce his debt as well as clean up several errors on my credit reports.  So far only 1 of the 3 credit agencies has dropped anything from my reports - frustrating and time consuming. Because of that I have scores of 580, 599, & 637. My husband's score is 680.  Neither of our reports takes into account combined income even though there is some shared debt on each.  Right now our DTI is approx. 20%, and we are paying $975 in rent.  Is there any possible way for us to get a mortgage?  I'm so discouraged that the credit scores of the two agencies remain low even after hiring someone to dispute the errors, and follow legal process.  They are holding us hostage from our dream.  Any  advice or help would be appreciated.
  • August 05 2013 - Hermiston
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Answers (7)

Best Answer

Profile picture for GMerino
@user818588,

If he could qualify on his own with a 5% down conventional loan that would be great, he could also qualify for a 3.5% down FHA loan on his loan, which would allow for a higher debt to income ratio.  It would be best to do a what if scenario with a loan officer.  It does not matter if it is over the phone or in person.  Have someone take the time to go over your scenario.
  • August 05 2013
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I believe your best choice would be for your husband to try and qualify on his own and try and bring as much towards the down payment as you can to keep the loan amount as low as possible. This will make it easier to qualify...if that isnt possible there are many other options you can pursue in order to get a mortgage and get into the home of your dreams! I would love the opportunity to speak with you and run possible scenarios and help you sort this out for you! Please feel free to give me a call anytime as I would love to give you any and all advice I can in order to get you a mortgage! 

Best,
Michael
  • August 05 2013
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Profile picture for user818588
My husband makes approximately $41K, and myself $50K, and his DTI still shows high for just his income - how can he qualify for a loan on his own?  Would my income be considered?  I guess I'm a bit confused on that point.
Thank you all for your input  ~ I just can't see paying that much rent in a rural area much longer.
  • August 05 2013
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Profile picture for Richard F
I would be glad to talk to you further about pre qualifying you and your husband for the purchase of your new home. I also agree that it may be best if your husband could qualify on his own that would give you the best rate and term
  • August 05 2013
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Agreed with Geofrey. You would need to speak with a loan officer such as ourselves to actually have credit pulled to see what we can qualify you for. mostlender such as myself have a minimum score of 660 to do a loan. Hense the reason why he was suggesting to possibly just have your husband on the loan by himself since we use the lowest median score out of both borrowers . It will also depend on the loan amount since there will be some pricing adjustments you will need to pay at closing due to the low credit scores. But a loan can be done for you if the ratios work for you.
  • August 05 2013
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I only originate in California, but from your scenario one of the only programs available will be FHA Choice.  My current rate is 4.375 for this product.
  • August 05 2013
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Profile picture for GMerino

Great job on getting your credit cleared up.  Would your husband qualify for the mortgage on his own?  This should really be discussed with a loan officer to get more of a clearer picture of what is going on.  Feel free to reach out to me if you would like.  I would be happy to discuss.

  • August 05 2013
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