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I should be buying a home by mid-next year but I'd like to prepare from now only. How much do I need to save in the bank to help me buy the home with a mortgage off course. My credit score is 680. I have debts like credit cards with more than 50% balance.is it ok? My job I a stable one and I'd like to include my wife's income also when I apply for a loan. the loan will be in my name only. Should I consolidate debts and pay more than the usual each month. I too would like to buy a car by next month. Does it in anyway affect home buying? I'd like to keep the car payments within $500 a month. How do I know if my debts are not too much to qualify for a mortagge?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Orlando.

Welcome to the forum.

You credit score is good enough and you have said that you do have good earning. So you should get approve for a mortgage loan. BTW if you want to have the loan on your name only then you may not include your wife's income to get approve for the mortgage loan. How much do you want to borrow?

If you want to buy a car with financing then your DTI ratio will be higher. You can calculate your DTI ration with the calculator at http://www.mortgagefit.com/calculators/diratio.html

Hope it helps. Feel free to ask if you have any further questions.

Best of luck,
Larry

brian1 · Posted: Sat Jul 05, 2008 12:22 am Post subject:

To use your wifes income she and her scores will be considered on the mortgage. The % of usage does not impact as much as monthly payment. When calculating debt to income look at total monthly minimum payments vs. groass monthly income. The max allowed will vary with product and loan type. FHA wants 42% or less and Fannie Mae wants 50% or less. There are exceptions to both but the entire file needs to be strong to get that. The biggest thing is to NOT be late on anything between now and then it is a deal killer in many cases.

Good Luck
Brian

laphillips · Posted: Sun Jul 06, 2008 3:12 pm Post subject: First time buyer in Wyoming

You're getting great advice from Larry & Brian. I'd like to add that if at all possible try to get the credit card balances down to 30% - Example: $5000 credit limit you want the balance at or below $1500. It will help increase your credit score which as Larry said is "good enough" but if possible why not make it even better to get a lower interest rate?

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

yes, definately pay down those cards to that 30% threshold and keep them there. This will definately do you some good when it is time to apply for that home loan. Goodluck, hope all works out well with you.

If you pay off the cards, do not close them or it will hurt your score, you can have them open and not use them if at all possible.

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