Jump to content

do both spouses have to have six twenty for mortgage?


marisakay
 Share

Recommended Posts

sorry for the spelled out numbers>>>my keyboard is broken>>> anyhow its seems like six twenty is like the norm for mortgage loans>>> my dh"s is high sixes and mine high fives to low sixes but not quite six twenty>>>i am currently working on both ours>>>but just wondering since i have never worked and still dont and dont plan on it< then do i have to have a high score too? i know i cant have any unpaid collections and stuff like that>>>but since i have no income how important is my report? i mean obviously it is still important but wont most of it be based on dh"s credit and income??? thnaks guys!!

Link to comment
Share on other sites

My DH and I just discussed this last nite.

I have always worked and made good $ and got laid off last August.

He works in the local Ironworkers union and makes great money.

I was curious how that was going to hurt us when we're ready to purchase a home hopefully this summer.

Do you think it matters, that Im not working?

Link to comment
Share on other sites

so basically as long as we want a "normal" starter house (nothing spectacular) that is right within our price range we should be fine? thats what i am thinking too>>>we arent trying to get a huge loan amount or nothing>>i cant wait to keep cleaning up our reports and then see what happens at our preapproval :)

Link to comment
Share on other sites

It also depends on your state, and what kind of lending program you're going with.

FHA requires that reports be pulled on both spouses, at least in California, even if one spouse doesn't work. This is most common in community property states. Most mortgage brokers are going to realize that not all of the credit that is available to you as a couple is going to be in your DH's name - and if you don't work, that means the payments for your debts are going to come out of his paycheck. That's how one broker explained it to me, anyway, but since I haven't gone through the process (yet!) I can't say for sure.

Link to comment
Share on other sites

your score will definetly dictate the interest rate, and yes there are plenty of programs out there you just need to find a broker with a program that meets your needs, now a score of 620 or more usually you can do what is called a nina loan, that is no income no asset. interest rate can be up to 2% higher than prime. However on spouses they usually use the score on the one that makes the most money, and in your case its your hubby and they will use the median score. just do some research ask mortgage brokers questions.

Link to comment
Share on other sites

Marisakay...

A No Doc might work for you guy's. You take a hit but if you can up your down the interest hit is lower. Instance...

Going rate 6%

5% down 7.75%

10% down 7.25%

15% down 6.75%

20% down 6.50%

Just example amounts. a nodoc is good for people with good score/blemished credit or self-employed. This allows for no in verification. What you might want to do is Let your husband go through the mortgage alone :( Then refinance wjen your scores are up if you see the % rate lower than your at that's a plus! Anything can be done. I've seen some people get mortgages in the low 500's and open colll and judgements. They are aggressive now a days.

Good luck

Link to comment
Share on other sites

great! SO DO I JUST GO TO A BANK FOR THIS TYPE OF THING?? we currently have twenty percent saved and as we are cleanign our credit we are still saving which is good>>>if u could let me know anymore about this that would be great!!!

Link to comment
Share on other sites

If you have 20% down PLUS closing costs you should be golden as long as one of you guy's qualify for a no doc. Remember they base a nondoc on your score. If you have 20% down you also get a better chance to get approved as 80/20 vs95/5 LTV. This will drop the PMI also. So your Golden!!! Don't forget the closing costs!!! They are a biotch!!! ;)

I'm hot for Teacher!

Tech.... Do you teach?

[Edit by edubb007 on Friday, May 16, 2003 @ 01:13 PM]

Link to comment
Share on other sites

They told us we needed 20% because our credit's so crummy. I almost became a teacher when I couldn't find a software engineering job (or any other job for that matter). I found my job literally a week before the school district called to offer me a job.

BTW I'm taken

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.