Posted on: 20th Aug, 2009 08:09 am
I am going to be applying for a mortgage in the near future. I will be the applying for it by myself without my wife being a co-signer of the mortgage. We currently have two cars and we bought them both together with both of us on the loans.
I have only a few hundred dollars in credit card debt and a score of around 690, but when I look at Ginnie Mae's affordability caluclator with both cars it severly limits my purchase price. When it is done with just my car loan factored in the loan amount is where it would need to be for me to purchase one of the many houses for sale in our city.
When I apply for the FHA loan will they take into account that my wife pays for her car on her own from her seperate bank account (this can be proved through bank statements) or will they see it as me having $700 in car payments?
Thank You
I have only a few hundred dollars in credit card debt and a score of around 690, but when I look at Ginnie Mae's affordability caluclator with both cars it severly limits my purchase price. When it is done with just my car loan factored in the loan amount is where it would need to be for me to purchase one of the many houses for sale in our city.
When I apply for the FHA loan will they take into account that my wife pays for her car on her own from her seperate bank account (this can be proved through bank statements) or will they see it as me having $700 in car payments?
Thank You
your $700 in monthly payments will be considered your debt.