Need mortgage help in Arizona !!!!

[basspro]

Hello everyone !!

I am having some problems trying to buy my First Home. I've learned alot from this site, and Im hoping to learn alot more.

Lets start by saying I am in the 700 club( Took hard work,but Im there)

My fiance's is close to 600,but not 620 like we need..

Is there lenders that will lend on my credit and both incomes? Or has that

practice gone to the wayside in this market.

With child support, credit card and truck payment my debt to income ratio

is about 57%. Her credit is low from a foreclosure caused by a divorce. (Ex husband awarded home,died in accident before refinance into his name)But,

her d.i.r is about 35%.

Combining our income would give us the loan we need to purchase our home,with only my income we will be moving.

I was thinking about refinancing truck,and consolidating 3 c.c. into 1. Just afraid to put too many dings on my credit.

Does any ony one have any tips or suggestions? Thanks!!

[ShortBus]

Welcome!

While your score sounds pretty good, you need to get your DTI down to 28-31% before you can start considering a mortgage. Can you get there by paying off the cards? Consolidating won't help much, other than lessening the monthly pain if you can get a lower rate. You're still going to have the same balance though. Same story with refing the truck. You need to find a way to reduce your debt, not just shuffle it around.

One way that you might want to do it is to pretend that you already have a mortgage. Take the money that you'd be paying every month for a house, subtract what you're paying now in rent, and pay that amount extra each month towards your CCs.

Also:

How long ago was her foreclosure?

What kind of down payment do you have saved up?

[basspro]

The foreclosure was 3 years ago this month.. We have saved 6500.00 for down..

We are trying to get a loan for about 150-160k.. Housing costs have drop considerably here in AZ.

Actualy cheaper to buy a home and pay mortgage then to rent... So we keep pluggin along...