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AMORTGAGEMAN IS DA MAN!!!!!!!!!!!!!!! UPDATE!


Kristin36
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DH wants to buy a house.

Two things: 1st thing I know we need to do is get his CR to find out his scores. Where would you suggest the best place to obtain that and monitor it? I have a 'trial' with PG right now that I am going to cancel, and there HAS to be someplace better and cheaper? He lived in Germany for 20 years after getting honorably discharged from the U.S. Army, has been back in the U.S. since 1999. Started getting credit established by asking his sister to co-sign on a couple of small cc's. He now has 6-7 (smallest is $300 and largest is $7.5K) cc's in his name, without her having to co-sign. :D He has excellent credit established over this period of time, I'm just not sure he has enough yet. No bad credit. He has a good, secure, stable job, so that's great. He makes between $40k-$50K a year.

2nd: I'm a stay-at-home wife by choice (3 months ago newly wedded). He makes enough money to support us and would rather I stay at home. :) So I have no income to 'contribute' to a mortgage inquiry. I also filed BK about 18 months ago, mostly medical and 2-3 CC's. I'm working hard via the advice on this board to get it cleaned up and straightened out. That's another story for another board. :roll: Currently, I'm showing EX as 570, EQ as 545 and TU as 549 on PG. Those scores will change as there are a few things on there that are showing as CO's & collections instead of IIB and also 1 bad thing that isn't mine (belongs to ex from 2 years ago, and no, I wasn't an AU. :) ) Don't know if scores will go up or down, but CR will be correct at least. I bought a car last May while I was still working that gives me good current credit. The house we currently live in is mine. My CR from all 3 CRA's state mortgage is current and only late once since 2000. I do have some good credit, both old (4-5 yrs) and current, besides the house and the car, to hopefully offset the BK.

Since he's never bought a home here in the U.S., I believe that he would qualify as a 'First Time Buyer' even though I would not. Will my being a homeowner affect him? How badly will my credit affect this? Will they look at it if I'm not a co-applicant? My thought process is that it should all be about him and leave me out of it initially. Can't he go back to the mortgage company after a few months and request paperwork to put me on as a mortgager?

I apologize if these Q's have been asked before. I looked, and didn't exactly see my situation. Please let me know if I can furnish any further answers to aid you in helping us figure out the best way to approach this. Thank you for your help!

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Kristen,

Your husband should be able to use his VA benefits, and obtain a VA loan. As long as he has no collections or recent baddies on his credit report (and even if he does and takes care of them), he will qualify for the credit portion.

For the employment side as long as he has had stable employment for the past two years, he will qualify there as well.

You are right on the money as far as putting on the loan only, due to your bankruptcy being less than two years, and no income that will be used. I can talk to a couple of underwriters and see if you can be on the loan (if you desire), but it is a safety to leave you off the loan but added to title.

Is there a payment on your current home, and will that need to be factored in to what the two of you will be able to afford? It is not necessary to add the payment in to his obligations, but for both of your own comforts in meeting the day to day grind, this should be something considered.

VA will normally be the best way to go.

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Duh!!! 88-) The thought never even entered my mind about his VA benefits! Silly me! That MIGHT take some time though. We had a flood a year ago and I believe that his Form DD214 or whatever it is, is one thing that got destroyed.

Nope, no collections or baddies on his CR. Maybe 2-3 old denied inquiries, but that's it. He has EXCELLENT credit. :D

Stable employment since re-entering the country, but, he got laid off a couple years ago. Was with that company for about 2 years I think. Then he went to work for another company (out of his field) short term until he got the job he has now (in his field). He's been there 1 year, with 3 raises and a promotion with another promotion soon on the way. Not that that matters for a loan, I'm just proud. :)

I don't necessarily WANT to be on the loan, I just want protected should (God forbid) anything happen to him. I am finding out that I can be added to the title/insurance, etc. I do hate the thought of losing my good CR on my mortgage as it will absolutely tumble my rating that I'm trying desperately to clean up and raise, but that's life I guess.

Ok...here is where my work is really cut out for me in trying to figure out what to do, IF I have any options at all. My DH may just have to let his dream die for a while. :(

Though I think this is kind of a separate item, it still ties in, at least in my mind. My home. It's currently in mine and ex's name. He QC'd to me. I know, not worth the paper it's written on, and the divorce decree is worthless as well as far as the house goes. I know how to add my DH as a mortgager (talked to my Mort Co and got info) and I know about re-fi, and I WOULD qualify for the FHA Streamline Loan, but I found out that there is a $5k HUD loan on the backside that I have to find a way to pay off first (which I can't get a loan for) before re-fi. Since my ex is the primary, the mortgage company didn't find it necessary to re-affirm my obligation. I know...I could walk away and stick him with it. I won't do that. (We are still great friends.) Though if I did, he'd probably file Chap 7. He doesn't make that much money and has absolutely NO interest in wanting the house. In order to sell it, it needs some minor repairs (which I can't get a loan for) and the re-fi loan would only cover the amount owed and lower the interest rate. I currently pay 8.25%. DH makes the mortgage payment of $881.32. That includes escrow, insurance and PMI.

So, I guess to answer your question of

Is there a payment on your current home, and will that need to be factored in to what the two of you will be able to afford
the answer is no to my understanding since it was never re-affirmed. I can walk away and not look back or think twice.....IF I was that kind of person.

BTW, credit card payments (monthly debt ratio) is probably $200-300 with an average monthly income of $4.5k. Sometimes more, sometimes less depending on out-of-town jobs, OT and bonuses. Works no less than 65 hrs a week.

Such a mess....and all I want is for him to be happy and have his own home rather than one that belongs in my past. Somebody shoot me now! :cry:

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Ok. Since he isn't activitely seeking credit at this time, and we know that his CR is squeaky clean, I went to myfico.com and got his 3-1 with FICO scores.

I think we are screwed for another year or two, but I could be wrong.

TU - 637

EX - 618

EQ - 635

No lates, no baddies, no denials...nothing but perfect credit. Just maybe not enough good credit yet. :cry:

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Credit wise looks perfectly good for VA. It will be just a matter of making it all fit together with getting the current house sold or rented, which in reality would have no effect on him personally.

A copy of the DD214 can be ordered at the local VA office. He should be all good.

Then there are the issues on the current mortgage, and the current home. Is there equity in the home?

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Never thought about renting. :) I'm concerned about all the 'legal' logistics I may or may not encounter until I'm in a position to clear ex's name off mortgage. I'm doing all I can in the way of research to get educated and figure out my options. Thank you for bearing with me.

Current Principal Balance: $88,341.81

Loan Origination Date: 8/22/2000

Original Principal Balance: $92,561.00

Interest Rate 8.125%

Loan Type FHA

VERY little ($4k) as you can see. Mortgage is current. Only 3 30-day lates since beginning of the loan.

I took his $186 month minimum due on CC's and divided it by his GMI (low end) of $4k and got 0.0465. 4.65% DTI

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  • 1 month later...

UPDATE since the last post............

WE CLOSED YESTERDAY ON OUR VA LOAN!! :BigDance:

Bruce..........YOU ROCK!!!!!!! xkingx

We ran into some really STUPID problems, and it took 47 days, but AMORTGAGEMAN got it done! I ended up selling my house to my hubby. I'm on the title and insurance, but not the mortgage. I previously owned the house with ex-hubby and needed desperately to get him OFF the mortgage. Our loan is 5.5%, 30 yr fixed, (previously 8.125% 30 yr fixed) 0% down and I had MINIMAL out-of-pocket expenses. I paid all the closing costs (>5k). I made a nice profit that is being immediately put back into the house for new siding & windows, a new hot tub, new privacy fence and some interior changes that I am doing myself.

Bruce....I know I put you through the ringer on this one and you ABSOLUTELY earned every bit of your money. I can't thank you enough for everything. You will be HIGHLY recommended by me forever.

If anyone is in need of a great mortgage broker who KNOWS HIS STUFF INSIDE AND OUT.....if you are thinking you are stuck in a situation, PM me for Bruce's info because he will DO HIS BEST to help you achieve your dreams and goals.

THANKS AMORTGAGEMAN!! YOU ARE THE BEST!!!

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  • 2 months later...
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