Non Borrowing Spouse question
I am being relocated to TN from WI. We currently live in a commnity property state. We are buying a house in TN which is not a community property state. I am qualifying for a loan by myself because my wife will not have a job yet. Will the lender count the debt on her credit report against my DTI since we are buying in TN but still living in WI for another 6 wks. Just hoping this doesn't screw things up now that we have found a house.
Categories: mortgage Tags: being-relocated, count-the-debt, credit, currently-live, debt, her-credit, lender, myself-because, screw-things, the-lender, wife, will-the-lender
Help ASAP USDA meeting
Hi everyone. Have a question about USDA meeting for home loan. I have my first meeting 2-16-10. My FICO's trans 637, eq 638. I checked these prior to submitting the prequalify application. I have a paid collections is 2008. I have late payments from sallie mae but all acounts have been in good standing since november 2008. I owe 15,000 in student loans, 800 on cc and that is my debt. Gross income 38,000 I'm nervous about getting turned down. I was turned down about 4 years ago. I am really nervous because I was not told to bring anything to this appt. no prof of income, w2's nothing. Do they usual tell you to bring info? Do I have a chance?
Categories: mortgage Tags: appt, bring-info, debt, first-meeting, getting-turned, good-standing, prequalify, really-nervous, since-november, student-loans
FHA rates as compared to conventional near 620
My husband and I are looking to purchase a home on the west side of LA. Purchase price 565,000 Down payment $165,000 eq fico 668 tu 657 My husband's is 643 eq 626 tu Dti 33% mortgage/ 43% overall Only one installmet loan for our business of $670,00 No other debt. Our cars are paid for, and we are PIF on our two cc's. Fico has three lates from early 2009 on a student loan (husbands, now PIF) I see on this forum that FHA rates are close to 5%. Is that a realistic rate, or simply unobtainable by someone like us with bad credut? The DTI figures above include MI and a rate of5.2%.However, if we have to pay6.5%, then the DTI changes, so I'm looking for guidance of real-life FHA rates. .. Thanks!
Categories: mortgage Tags: debt, early-2009, forum, mortgage, one-installmet, our-business, realistic-rate, student-loan, then-the-dti, west
A couple of FHA "household income" and DTI questions…
I have a couple of specific questions about income/household income for an FHA loan. We are not in a community property state. I'll preface by saying that I have done quite a bit of searching/reading on here, but am confused about income that is considered and what household income has to do with a loan if only one spouse is applying. 1. If DH and I decide to only apply under DH's name, how is our household income calculated? Is only his income considered? Would my income ever be brought up/considered if I'm not on the loan? 2. I have seen mention on here about lenders calculating income that can be borrowoed against as the median of the past 2 years - is that true? How does OT/bonus calculate into that? 3. How is our DTI ratio calculated? Is only DH's debt counted? Is my debt considered as well? Is my income considered in the DTI ratio (if I'm not on the loan)? 4. Also, can someone remind me again what debt is considered in DTI ratio? Is it only revolving accounts (vehicle, CC, studen loan)? Is DTI calculated by gross income 5. What is the max DTI when including the mortgage payment/insurance? Specifically, we're looking at his gross income of $48k/year with $575 monthly debt (this does not count my bread-winner income or my debt). Looking at homes in the $115 - $135,000 range. Thanks in advance! Edited to add: I did find some explainations on front-end and back-end DTI ratios, which helped quite a bit. The ratios I found were 29% for front-end and 41% for back-end - does that sound right? Message Edited by wvasweetness on 02-08-2010 07:15 PM
Categories: mortgage Tags: bonus-calculate, debt, debt-considered, dti, household, income, loan, message-edited, mortgage, only-revolving, our-household
DTI questions (srsly complicated)
OK, so I'm about to start talking to people about mortgages and want to know how to best manage my money. My income is in the $115K-$130K range, I am just about to drop my debt down below $10k (monthly combined minimum payments are less than $300) and will be in the $6k range within a month. I have no car payments and my credit score is in the mid-700s at last check. I'm looking at properties that will require about $16k-$18k down. I presently have about $11k. How much should I throw at debt versus putting more money toward my down payment...thoughts?
Categories: mortgage Tags: 700s-at-last, car-payments, credit, credit-score, debt, debt-versus, money, money-toward, mortgage, much-should, putting-more, range-within, start-talking, throw-at-debt, will-require
Options while enrolled in a debt management plan
We would really like to buy a house but we are currently enrolled in a debt management plan. My TU is 652 and EQ is 643. My wife's score is 582 TU. About 17000 of the debt in the plan is in my name and about 5000 is in hers. I made 70,000 last year and she made about 10,000. My income will go up to about 80-85000 this year. Right now we live in a doublewide home on my parent's property and have for about 13 years now and it's just time to move. We owe about 3600 on our mobile home now and it will be paid for in December. We have another loan at the bank with about 7800 left on it. It will be paid in 2 years. The house payment is 307 and the other is 324 a month. The payment on her car is 535 a month and we have 3 years left on it. The monthly payment on the debt plan is 715. Any ideas on any course of action or possibilities? We really want to move but don't know if we can. If we sell our house now I could pay off the loans at the bank and have about 8-9000 left over.
Categories: mortgage Tags: bank, debt, debt-management, doublewide-home, house, house-payment, loans, mobile, monthly-payment
Debt to Income
I am an authorized user on my husbands Kays card. Will the bank count that payment in on my debt to income ratio when applying for a mortgage loan, since I am not financially responsible?
Categories: mortgage Tags: authorized-user, bank, debt, financially-responsible, husbands, income-ratio, mortgage, mortgage-loan, the-bank, will-the-bank
Income, Credit & Home Loans: Buying a House : Income vs Debt When Buying a House
Income & debts can determine how much house you can afford. Find out how in this video on buying a home.Expert: Brett Staggs Contact: myspace.com/slowtrainmusic Bio: Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks. Filmmaker: Dana Glover
Is There Still Hope for a 5% down FHA?
Hello, It's been a while since I posted but I just started browsing again hoping I could get some answers. Here is my situation.... Currently working on paying off cc and other debt so my plan will be so that I'll have scores in the 720-750 range by the time I'm ready to buy. Right now my scores are in the high 600s around 691-697. I have 1 blemish, which is a 60 day late that will disappear in March of this year. My other problem with my score is my utilization. Currently around 95% on all credit cards. Like I said, my plan is to pay off my cc and car so that when I'm ready to buy in May of 2011, the only debt I will have is my student loan, which the balance will be around $85,000. Payments of around $700/month for SLs. In my first year of grad school right now and I'm only taking out the Stafford Loans to pay for it. My only other debt will be mortgage for my second home which is in another state and my grandmother lives in it right now. She pays the mortgage but I know it will still be considered in my DTI. Current mortgage on that is $561/month. With that being said... I pretty sure my profile will look like this in a year and a half. Income: $80,000 Monthly Debt: 1,300 (student loan + mortgage) Down payment: 15,000 (5% for $300,000 mortgage) FICOs: 720-750 By the way, I've had my first mortgage since 2001. My questions are... 1. Can I qualify for an FHA? 2. Will paying down my cc debt get me to those scores by next May (2011)? I plan to have all credit cards paid of this June. 3. Will FHA be the best mortgage with those scores and amount of down payment? Thanks!
Categories: mortgage Tags: debt, mortgage, plan, situation, stafford, stafford-loans, student, student-loan
Married but Wife Only is Applying…..questions
We decided that it will just be my wife to apply for the Home Purchase Program because I dont have a steady work. I work contract jobs and now Im in between jobs. My wifes income alone can qualify for a mortgage. Because of the economy, if I have a job it may end during the time were in escrow so we decided that wife alone will apply, rather than take that risk. Her work is more steady than mine and she has been at her work for more tahn 20 years.I would not be in the Title or Mortgage application, thats ok with me. But what I was concerned about is that I was told that even though Im not applying along with my wife or on the mortgage application, I was told that they still need my information such as my debts, my unemployment income, is this true ?? I heard they include my debt for debt to income ratio along with my wife. Also my son who is a full time ( hes 20 yrs old) college student is staying with us half of the time. He shuttles back and forth to his mom and me. I claim him on my tax return last year. He doesnt have a job right now but his mom gives him money for gas to school and help pay for his 3 credit cards. He has some deferred student loans.Will they add his debt too or look at his credit score ?
Categories: mortgage Tags: College Student, debt, during-the-time, mortgage, time, unemployment, wife, work