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Do you think this situation could qualify for mortgage

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gizmo Guest	Posted: Sun Aug 14, 2011 6:26 pm    Post subject: Do you think this situation could qualify for mortgage Like 0 Dislike 0 Hi, My wife and I don't know a lot about mortgages, but we want to apply for a loan. Our situation is my wife has great credit, but mine is rebuilding. I filed bankruptcy prior to our marriage and it was discharged almost a year ago. My wife's score is around 700 My score is 646 Combined gross income per month: $5146 She has two auto loans in her name currently and three credit cards. I have one credit card. Our DTI is 22 %. Do we have any options for a mortgage? If all else fails could she apply for the mortgage w/out me? She makes about $42,000 a year on her own. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Aug 14, 2011 9:47 pm    Post subject: Like 0 Dislike 0 Hi gizmo! Welcome to forums! There are chances that your wife can apply for a mortgage on her own and qualify for a conventional loan. However, if you both want to qualify for a loan, then depending upon your credit scores, both of you will have to apply for a FHA loan. There are chances that you will get a FHA loan together. Feel free to ask if you've further queries. Sussane
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 514 Location: Australia 82.40 Dollars($)	Posted: Tue Aug 16, 2011 1:22 am    Post subject: hi gizmo! Like 0 Dislike 0 You can both qualify for a loan. You just have to figure out the best loan offers that would suit you both. Look for a mortgage broker to help you settle your loan application. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Wed Aug 17, 2011 5:49 am    Post subject: BK Like 0 Dislike 0 With a BK discharged one year ago, you will not yet be able to get a mortgage. If the debt ratio is 22% with both of your incomes, then the debt ratio with only your wife's income is 32% and that means she can get the mortgage by herself. She can probably get a mortgage up to a 45% debt ratio but may need a maximum 41% debt ratio if you get a conventional mortgage and need private mortgage insurance. Her credit score is 700 and yours is 646. Morte options for mortgages at better interest rates are availabale for credit scores of 700 than for credit scores of 646. So, go buy the house with only your wife on the mortgage. You should be on title and on title only. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Sep 05, 2011 1:49 pm    Post subject: Like 0 Dislike 0 Don't you love it John? After two positive responses, the applicant gets the correct one from you. I'm awfully tired of seeing the space on this website get wasted by meaningless references to experts and unthinking suggestions that someone will surely be qualified. Thank you for monitoring as you do, and setting folk straight. This all makes me want to throw up my hands sometimes. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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