Posted on: 25th Jun, 2007 01:45 pm
Situation:
My wife and I are looking to buy are first home in Utah.
- Income: $58,000 (have another $7000 /yr fairly steady income, but won’t include for loan)
- FICO: me - 660 (deliquent payments in '02, nothing bad since), wife – 715
- No debts (CC, cars, or otherwise, except $560 /mo day care not sure if that would be included)(just finished paying off medical expenses, credit cards, and student loans)
- Currently only have about $2500 for down payment (see above).
- Want to move in the next 2-3 months (wanting to leave a bad situation).
- Current rent is $900.
Before we meet with lenders just wanted a little picture, some ideas, etc. Ideally we'd like to save up another $10,000 for a down payment, but we are willing to live with slightly higher rates to get the f outta dodge now and not have to wait another year or two. What kind of rates, loans, options etc. are we looking at with our income and scores? How do the credit scores work when one is quite a bit higher than the other? Calculators range from $140k - $210k. We are hoping to get into a place for around $160k, and expecting to be there at least 7 years. Any other thoughts appreciated. Thanks.
My wife and I are looking to buy are first home in Utah.
- Income: $58,000 (have another $7000 /yr fairly steady income, but won’t include for loan)
- FICO: me - 660 (deliquent payments in '02, nothing bad since), wife – 715
- No debts (CC, cars, or otherwise, except $560 /mo day care not sure if that would be included)(just finished paying off medical expenses, credit cards, and student loans)
- Currently only have about $2500 for down payment (see above).
- Want to move in the next 2-3 months (wanting to leave a bad situation).
- Current rent is $900.
Before we meet with lenders just wanted a little picture, some ideas, etc. Ideally we'd like to save up another $10,000 for a down payment, but we are willing to live with slightly higher rates to get the f outta dodge now and not have to wait another year or two. What kind of rates, loans, options etc. are we looking at with our income and scores? How do the credit scores work when one is quite a bit higher than the other? Calculators range from $140k - $210k. We are hoping to get into a place for around $160k, and expecting to be there at least 7 years. Any other thoughts appreciated. Thanks.
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Skedastik, as you will be the primary borrower on the loan your credit profile is what will be more important for a lender to evaluate.
Miller
Miller
Hi Skedastik,
Your wife's credit score is no doubt better than yours but then you do have a decent score. The lender will not consider the average of the scores. But he will take a look at both of your scores provided both of you have your names on the loan. In case, you are the primary borrower, the lender will give more weightage to your score as well as income. And, don't you worry - there are loans such as conforming loans which do not consider your score as the primary factor.
In case you wish to know about the options that you can look forward to as a first time buyer, you may refer to a previous discussion on First time buyer loan options.
Good luck!
Your wife's credit score is no doubt better than yours but then you do have a decent score. The lender will not consider the average of the scores. But he will take a look at both of your scores provided both of you have your names on the loan. In case, you are the primary borrower, the lender will give more weightage to your score as well as income. And, don't you worry - there are loans such as conforming loans which do not consider your score as the primary factor.
In case you wish to know about the options that you can look forward to as a first time buyer, you may refer to a previous discussion on First time buyer loan options.
Good luck!
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