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I am wondering if my family could qualify for a mortgage loan. Currently I am a stay at home mom but have a savings of about 30,000 dollars that I got from inheritance. My finance works two jobs. though has only been working them for about a year since we have moved up north. He worked at his previous job before that for two year before we moved. I have good credit, my score is over 700. He has poor credit from a previous marriage. I am wondering if we would qualify since we were able to make a larger down payment on the house?

6 Thoughts on Would we qualify for a mortgage loan?
  1. Reply
    Rick B
    September 30, 2012 at 4:30 pm

    What is your household income?

    What is your current debt-load?

  2. Reply
    Landlord
    September 30, 2012 at 5:24 pm

    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
    chatsplas
    September 30, 2012 at 5:36 pm

    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
    September 30, 2012 at 6:35 pm

    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
    Iffy
    September 30, 2012 at 7:25 pm

    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
    September 30, 2012 at 7:41 pm

    yes. However, talk with real loan person.

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