First time homebuyer.....need advice.

berettafan002 · Joined: 06 Feb 2008 Posts: 9 6.64 Dollars($)

My wife and I are in process of buying a home. We have decided to
only use one person as borrower on the mortgage loan, which would
be mine. The reasons being are multifold..mainly.. (1) to protect her
credit in the unfortunate event of any foreclosure issues (2) to stay within
our budget by not getting a loan too large to handle and (3) to free up
my wife's credit in case we need to finance an investment, purchase in the future...

She earns 60k annually, and I take home about $240k in gross income.
Our potential home costs $750k..My debt is $2k monthy and fico about 680..and plan to put down payment 10-15%...but 20% if necessary to
get the loan approved.

being a first time homebuyer...do you forsee any problems in getting such a loan approved based on my income and situation. Like i stated, I am not planning to have my wife cosign the loan agreement. However, if the loan is not approved for whatever reason, I will have her cosign.

thanks for your input.

Another question is this...can my wife still be put on the home title even if she is not on the loan agreement?

shayneroy · Joined: 12 Nov 2007 Posts: 29 11.80 Dollars($)

Hello Berettafan002,

I understand where you are coming from and I must say that it’s a very sensible move on your part because you are thinking from the long run perspective.

You would have to understand that, it’s not possible to guess an approval with-out an initial underwriting on your mortgage file, which would consist of a few set of documentation eg; Income, assets, employment information, liabilities etc.

You need to work with ONE mortgage professional to get a pre-approval, make sure that you are working with some one who is trusted and can educate you through out the process, since you are buying home for the first time.

Now, if I talk from my experience, looking at all the numbers that you have mentioned, it seems that it wouldn’t be very daunting for you to get the mortgage that you’re looking for.

Hope this helps, let us know if you have any questions.

shayneroy · Joined: 12 Nov 2007 Posts: 29 11.80 Dollars($)

Yes, certainly, your wife can be on the title even if she's not on the mortgage, no problems whatsoever!

jeffselan · Posted: Thu Feb 07, 2008 4:55 am Post subject: You should

With that down payment and that score, you should be fine. Yes, your wife can be on the title with out being on the loan.

Talk to a few lenders, I always recommend a local bank, a broker, and a retail lender and find someone you can feel comfortable with.

Best of luck to you and your wife on your new home!

Caron · Posted: Thu Feb 07, 2008 5:50 am Post subject: RE: 1st time buyer

Hi berettafan,

What I appreciate is that you've made pretty good planning. Smile

Your income is very good indeed and that's a positive thing as far as getting a mortgage is concerned. And, you've even decided on a 15-20% down payment on requiremnet. Hey that's good!

I don't see any problems either and perhaps you don't need your wife to cosign too. How's her score, is it higher than yours? if your mortgage isn't that much based on your score (such as FHA loans, conforming loans etc), your wife need not cosign. Moreover, yours is pretty good income than hers.

Now, what you need to do is speak to a few lenders. If interested, you may even consult our community lenders. They have a wide range of options to offer depending upon your financial situation. If you can send us your request for mortgage quotes, we'll pass it on to selected lenders only and they shall try to match their loan profiles with that of your requirements. And, if the lenders feel they'll be able to help you witha suitable offer, they shall contact you asap.

You can then discuss the loan programs on offer with the entire community and then opt for the right one for you. You may even use the mortgage calculators and calculate before comparing the offers.

Regarding your wife being on title, it's possible for her to remain on title along with you even though you are the only one on the loan.

Good luck

evolovik26 · Posted: Thu Feb 07, 2008 8:08 am Post subject:

You mentioned gross income. Are you on W2 or self employed. If you are self employed your adjusted gross income will be used if going full doc. If you are going stated and can go full doc with your wife's income it may be good to look at it both ways because downpayment requirements may be less full doc and the interest rate might be better.
As far as putting your wife on the title you can always do that.

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