Would we be entitled to a mortgage?

Deal Score0

I wonder if my family could qualify for a mortgage. Currently I am a stay at home but have a savings of about $ 30 000 that I received from the estate. My finance jobs. though only works for about a year since we moved north. He previously worked at his previous job for only two years before we moved. I have good credit, my score is above 700 it has a bad credit rating from a previous marriage. I wonder if we qualify, we would be able to more deposit on the house?

  1. Reply
    Rick B
    May 16, 2011 at 4:42 am

    What is your household income?

    What is your current debt-load?

  2. Reply
    May 16, 2011 at 5:16 am

    It depends on his credit as he earns the money and of course his income adn the household debt.

    Marriage and divorce do not effect credit scores, he has bad credit because he doesn’t pay his bills.

    The down payment will not matter if his credit score indicates he doesn’t pay his bills.

  3. Reply
    May 16, 2011 at 5:52 am

    Maybe. . . .not great chances

    IMHO: “Fiance” should work hard to repair his credit
    Pay off all delinquencies, pay down all balances, STOP using credit and in 6-12 months it will be greatly improved
    720 is minimum needed, for even FHA loans, and it is BOTH your credit scores as he’s the wage earner and you’re providing deposit
    Down payment does help overcome bad credit

  4. Reply
    J Kariya
    May 16, 2011 at 6:17 am

    A few key metrics are:

    New mortgage, taxes and insurance are at or below about 27-30% of your monthly/yearly income, this percentage is depending on the company/loan you go with.

    They also look to see if your new mortgage plus any reportable accounts (loans, credit cards, etc) are below 40-45% of your income.

    Both incomes used above are before taxes. This income is pretty much what you gross of federal taxes.

    A credit score above 700-720, which also depends on the loan/company.

    That you have had a steady job for over a year. They would want to know if your fiance’s previous job was related to his current job and if he has had any professional training for his current jobs.

    Are you paying rent at this time? They will be more willing to break the above rules if you are already above these thresholds and have been so for a long time. Example, now you pay $ 1,500 a month in rent and have been doing so for three years but your new mortgage with escrow will be $ 1,450.

    Hope this helps.

  5. Reply
    May 16, 2011 at 6:49 am

    Only if you are employed and earn a decent salary. 30k is not a great downpayment if you are looking at homes costing more then 100k Unmarried couples should NEVER purchase a home jointly. You are putting up the 30k then you apply for the mortgage and only have your name on the deed.

  6. Reply
    real estate guy
    May 16, 2011 at 7:36 am

    yes. However, talk with real loan person.

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