I just got Authorized User on my girlfriends card and got 5 years of no lates, her credit history for that card and a 40 point FICO increase added to my CR. Before my CR only had 2 years history. Will this history be used in my Mortagage? Also now I have 5 years no lates, 3 CC's and 1 car loan and fico's of EQ 770 TU 750 EX 730 I need to qualify for a mortgage of $237000 with $65000 salary and only $300 monthly payments. I tried the calculators and they fall a little short..about 10 grand short. I was wondering if anyone has any experience with the Housing Expense to Income Ratio because if I get that raised a couple of points I can qualify. This is using the mortagage qualifier at realtor.com, home finance section. Any help would be GREAT!
i can't see why you wouldn't qualify unless you have a large debt to income ratio... right now, my fiance and i qualify for a home of 275000 and we make around 75000 combined. if that is the case and you are falling slightly short on the amount of mortgage you qualify for, try putting more down (if you can). also, try paying down some debt.... try the calculator on bankrate.com: http://www.bankrate.com/brm/calc/newhouse/calculator.asp i had to make A LOT of assumptions, but according to that one, you can afford roughly 250,000 with your salary (remember, they count your salary BEFORE taxes!) this is what i calculated: How much House can you Afford? Gross Monthly Income _ Wages($) :_5416.66 Investments/Dividends($) :_0 Alimony received($) :_0 Other($) :_0 Total monthly income($) : 5416.66 New Home Info Down payment($) :_15000 Loan term (years) :_30 Interest rate (%) :_6 Homeowner's insurance ($/year) :_300 Real estate taxes ($/year) :_300 Monthly Expenses Car Payment($) :_0 Alimony paid ($) :_0 Credit card payment ($) : 0 Other debts ($) : 500 Total monthly expenses ($) : 550 Total monthly expenses (including insurance and real estate tax payments). Calculate This Scenario Available Mortgage Limits <b>Affordable mortgage payment ($) :_ 1400 Affordable home amount ($) :_ 248507.86 </b>
