Qualifying to Buy

**ksk** · #1 10-31-2011, 06:20 PM

Guys here is my question.My credit scores are excellent but my wife's are not.She had cosigned for a car loan for a son and it was repossed beccause he lost his job and could not keep up payments,thus affects her.My question is this,I am selling my home and expect to have 90K to put down on another house.Will mortgage companies consider this and look at my and her monthly income? My nightmare is selling my house and not able to buy another one.I don't want to live in a ''old folks'' home yet.Thanks..

**cj6530** · #2 10-31-2011, 08:56 PM

Mortgage companies will only look at her credit if she is on the loan. You only need to include her on the loan if you need her income and assets to support the loan. Her credit will affect your interest rate but likely won't stop you from getting a mortgage.

**DoublePlay** · #3 11-01-2011, 01:34 PM

As the provious poster mentioned, unless you are applying for a govenmnet loan, they will not look at the debts of the marriage or spouse's credit. With that type of a down payment, I feel like you will be able to get a deal done even if we had to go through a local bank and put it on their portfolio. I am not a credit repair guy however I can refer you to a company that has done some good work for a few of my clients if you want to try and get hers cleaned up for the future.
PM me and I will call you to go over your options. YOu are welcome to call me as well, Chris Sizemore, TrueSouth Mortgage, 713-888-0101.
DP

**Sow Trout** · #4 11-11-2011, 09:52 PM

Why would you want to tie your money up by putting $90,000 down?

**cj6530** · #5 11-12-2011, 04:55 PM

Quote:

Originally Posted by Sow Trout

Why would you want to tie your money up by putting $90,000 down?

Because its guaranteed rate of return with better than AAA rated credit profile. It might be a part of a balanced investment portfolio. And I know everyone on this forum wouldn't "tie up" their money in fixed income investments because you all kill it trading FX, gold, silver and penny stocks.

**ksk** · #6 11-15-2011, 05:37 PM

The reason I thought I would put $90,000 down is because the property I'm looking at is asking $270,000 and it would help lower my monthly payments.I'm open for suggestons.Thanks..