Home equity loan

Discussion in 'Credit Talk' started by jeffalan49, Jan 19, 2017.

  1. jeffalan49

    jeffalan49 Member

    Hi. Another question: Was told to qualify for a home equity loan, my DTI must be below 43%. It is at 46%. I will soon reduce this. Was told if I combine my wife's monthly gross to mine, it may help the DTI to qualify. It does help. Her credit scores are at 700. Mine are at 660.
    I make way more that she does.
    Wondering if they will use the combined DTI and her credit for the 25K loan? Will they then look at our combined gross or just her gross?
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    If you apply together, the underwriter should look at your combined income as well as combined DTI. They'll do hard pulls for both of your FICO scores as well.

    Did you decide to go with a HELOC or a Home Equity Loan?

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