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Melbel | Is my credit score high enough? |
My fiance and I want to buy a house. He has a high credit score and a full time factory job. I am currently an unemployed, part-time student with $7200 credit card debt from school.
We were thinking if I should be put on the mortgage or would the fact that I am unemployed with debt hurt our chances of a loan.
My credit score is 730 and my report shows that I've never been late on a payment.
The house we want to purchase is in the 75,000 - 90,000 range.
He's thinking of putting his brother who is employed with lesser debt, but lesser credit score than mine on the mortgage and I'm wondering which will increase our chances of getting the loan. His brother will be living with us.
Thanks so much for you help,
Melbel |
 |
 
le_roche
|
Your credit score is good. Remember that a lender is looking at several factors, and your credit score is just one of them. They'll want to see what your income to debit ratio is (How much money you earn relative to what you owe); job stability; savings history and the appraised value of the home you're looking to purchase. They try and calculate what your monthly debt will be (mortgage, utilities, credit cards, etc.)
If at all possible, keep your and your husband's name on the loan. If your brother has an iffy credit history or gets sued, then his liens would attach to your home. See what you can get done with just you and your husband. Talk to your bank and get "prequalified." They'll let you know how much loan you qualify for based on your credit and income. It won't be an actual qualification until you submit a formal loan application and your employment and deposits are verified. Good luck! |
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deconj
|
your credit is very good ,but i would consider trying to fix that debt that i have through school |
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mmorganloans
|
Since your fiance is the main borrower and the high credit score there should be no problem. You would be considered the Co-borrower.
What that does is it helps with the income made for the loan. Lenders look to see what your DTI, Debt To Income ratio. They want to make sure that you DTI is not over 45%-55% when you purchase a home. They will combine the total income and debt between the two of you.
Since the loan amount is not that high, it should not be a problem. In some cases you may be able to pay off your debt and your fiance; if he has any, when you purchase a home. If you guys qualify a broker can get you a higher loan so that you can pay off the debts at closing.
The main thing that lenders will look for though are your trade-lines; ex: credit cards, car loans, bank loans, etc. Most lenders want at least 3 trade-lines to show a history of credit and payment as well. If you do not have these trade-lines, no matter how good of a credit score you have, it could be harder or take longer for a loan. In some cases you may end up with a higher interest rate because you would be considered a "high risk" since you have not established payment history.
They also look for mortgage payment history, if either one of you has ever owned a home before. Were you ever late? More than 90 days?
If you would like more information you may email me at anytime. |
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Rico
|
He should buy it alone so your debt doesn't hurt. Don't put the brother on if you can help it even it he is living with you. Once you are married the house will be 1/2 yours anyway. If the brother takes a hike and you two live happily ever after in the house, he will still be on the loan until you sell or refi. |
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Tanker
 |
I think that is noble thought but if your future brother in-law is on the mortgage when you get married are you really going to want him living with you? Also, the house will be in your fiances & his brothers name not yours,that just sounds like trouble.
$ 7200.00 dollars in loans doesn't sound that bad. Since you are part-time student I think you should get a full time job. This way the house can be in your name & your fiances. If you want to have his brother as a boarder for a while to help with the mortgage payments, great! I wouldn't do it any other way. Good luck. |
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heatheroo
 |
You credit history and score is what you need. You are better off being on the loan than the brother based on what you said.
The fact you are unemployed doesn't mean anything. Your history and score is what does help.
Good Luck! |
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David
 |
Why does it have to be one or the other? Why can't all three of you be on the mortgage? The forms that lenders provide for mortgage applications usually have two borrowers listed, but don't let that form limit you. Legally, you can all share the property and the debt. Without knowing each of your assets, credit scores, debts, and incomes, it is impossible for us to do the math to determine which combination of borrowers (i.e. you and your fiance, your fiance and his brother, your fiance alone, or all three of you) would give you the best interest rate. Have your mortgage broker calculate all of the possibilities for you.
We don't know what state you're in, so we don't know whether the house would be community property or separate property once you get married. Only you can decide whether it would be worth it to share this property with your future brother-in-law. Don't let strangers on the internet define your relationships. |
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diggerfloyd
|
You should be fine. That credit score doesn't sound bad at all. The credit card debt might be a little problem for you though, but I think you will qualify. The fact that you're unemployed won't matter. I wouldn't put his brother on the mortgage, could come back to haunt you later on if you have any family problems. The price range you are looking at is very affordable. You are looking at around a $400 to $700 mortgage payment depending on property taxes, etc. The big question is how much can you put down. Try eloan's website for free calculators to see what amount you can qualify for. |
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gtofinancial.tomvoli
 |
Hi Melbel,
Very good question.
Assuming your fiance's score is higher than 720 here are the things that a lender will consider:
1) Debt - Income Ratio (DTI): The amount he earns per month (gross) divided by the amount of monthly debt REPORTED ON THE CREDIT REPORT only...this means car payments, credit cards, mortgages, student loans that are not deffered...anything paid monthly on the credit report (IE: 10,000 income divided by $3000 in total monthly credit reported debt = 30% debt / income ratio).
"A" paper is generally considered to be less Than 38% DTI. This does not prevent getting a good rate completely....it just starts narrowing down your options. The max most lenders will allow is 50%...with very few above that (and very expensive). They seem to have bridges at 40%, 45%, and then again at 50%...each level costing a little more to the rate, or fees, or loan amount permitted etc.
If your fiance makes enough to qualify on his own he can add you to the title after closing the loan. As for his brother....if his score is below 720 it can affect what rate he gets...and if it is below 680 it would not help.
Your score is fine. If you got a new job there are programs that will allow to qualify you at your new salary...which would definitely add to your fiance's strength. It all depends on what his DTI is and how bad he really needs someone else on the loan. |
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blahblahblah
|
730 is pretty darn good..... |
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mockingbird
 |
Your credit score is really good, but you may still be a negative in terms of the overall picture because you're contributing debt but no income. If your fiance's debt-to-income ratio is low enough that the addition of your debt won't raise it too high, then it won't be a problem. But if he's stretched thin (in the eyes of an underwriter) then you'll be a detriment, regardless of your good credit score. Adding the brother may also be a detriment because some lenders look at the lower of the two applicants' credit scores. If it was me, I'd see if your fiance can qualify on his own. If he can, great, do it that way. If his credit is good and he can't qualify on his own, it's likely a debt ratio thing and you can't help but maybe the brother can.
You should contact a loan officer to talk about this. They'll be happy to tell you what they think the best scenario is for getting the loan through.
(And where do you live that you can get a house for $75,000?!? That's amazing to me... I can't buy right now because there's nothing here less than 5x that much!!) |
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