| Author |
Message |
|
|
Ljeen
Guest
0.10 Dollars($)
|
 Posted: Mon Sep 03, 2007 6:23 pm Post subject: I'm married but I might be the only one applying for an FHA |
|
|
Hi, My husband and I were all set next spring to apply for an FHA loan but after some research I found that he may not qualify. I'm waiting for the alotted time period to pass showing that I've made on time payment for at least 12 months and everything will be payed off. I had a collection but it's just about paid and my 2 credit cards are small ones but I use them to build my score.
Unfortunatly, my husband owes quite a bit and has open collections that he has not been able to pay because the interest has doubled the minimum. He is going to try to work something out with them. He has many items on his report that show on time payments so it's sort of half and half.
The point is, I don't believe I will be able to have him on the application which means that instead of 90,000 income, we will have to go with mine, 54,000. This is really too bad because now I'm going to need to borrow at least 240,000 for a place that is decent and what we want in New Jersey. We already rent a closet size apt. I don't want to have buy one. I can easily manage that mortgage because I will have no debt by then and of course hubby will be helping but I don't think that will help on paper.
Anyone have any experience with something like this?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
| |
|
 |
 miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
|
| Posted: Mon Sep 03, 2007 7:03 pm Post subject: |
|
|
| Quote: | | I'm waiting for the alotted time period to pass showing that I've made on time payment for at least 12 months and everything will be payed off. |
Another thing apart from credit history that is carefully looked at is debt to income ratio of the applicant. You need to make sure that yours is within the specified limit.
You need to check whether you'd be able to qualify for 240k loan with 54k income. To tell you if it would be possible or not we need to know your monthly expenses to calculate the dti ratio.
Miller |
|
| |
|
|
larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
|
| Posted: Tue Sep 04, 2007 12:18 am Post subject: |
|
|
Hi Ljeen,
There are certain loan limits for FHA loans. The amount differs from one county to another. You may not get the required amount of the FHA loan that you are targeting at. So at first you need to be aware of the loan limit that that is fixed in your area. To know the loan limit of your area, you may refer to https://entp.hud.gov/idapp/html/hicostlook.cfm
Moreover, as your husband has many debts, he can go for consolidating his debts from any debt consolidation organization. This will bring down all his debts into a single debt and thus it will be easier for him to manage the payments. |
|
| |
|
|
Ljeen
Guest
0.10 Dollars($)
|
| Posted: Tue Sep 04, 2007 7:12 am Post subject: |
|
|
Hi Miller, I will have so little debt it's almost funny. My car if paid off and I have 2 credit cards, one has a limit of 300.00 and the other is 250.00.
Larry, I live in New York and a lender told me besides the HUD site that the high limit for my high cost area is 365,000. I don't need that much and to me it's too high. LOL |
|
| |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 1047
156.15 Dollars($)
|
| Posted: Tue Sep 04, 2007 3:51 pm Post subject: |
|
|
Unfortunatly, my husband owes quite a bit and has open collections that he has not been able to pay because the interest has doubled the minimum.
If he has collection entries in his report then it is better not to include him on the loan.
And the low amount of debt you have would be beneficial in getting good rates as your dti will be well within the required range.
You can contact few lenders to get an estimate of how much interest rate they would be charging and compare them to know who is providing the best rate.
_________________
Good is the Enemy of Great. |
|
| |
|
|
