Mortgage experts

Discussion in 'Credit Talk' started by Momof3, Oct 16, 2000.

  1. Momof3

    Momof3 Well-Known Member

    As earlier i posted my problem. Mu husbands scores are good enough to get a decent mortgagem unfortunetly my scores will not help, I only work on occasion so my income will not make or break us, and the majority of the credit cards are in my name alone, so with that we could just get the loan is his name and I am sure he would get a good deal considering his debt payments are very low, only 3 cards and his income is enough. I really want us both there, but if my scores don't go up enough would it be safe to take this route. I went to several mortgage calculators and according to his income and debt payments he could get up to 97K, we are looking into the 60-70K market and we could swing that, just curious is this an avenue we could take. I want my house by next summer and if my scores aren't good than I am hoping we can do it on just his.
  2. Cadillac408

    Cadillac408 Well-Known Member

    Just curious....if you had to just do everything in his name at first, could you be added on later? How does that work? What would happen if, let's say, you weren't married yet and he got the house...then like 6 months later, you got married? How would they go about adding you to the loan?
  3. Momof3

    Momof3 Well-Known Member

    Not sure MP, I hope someone can answer that question too:)
  4. roni

    roni Well-Known Member

    I dont understand how your scores are so low with no negatives. Do you have any installment loans or auto loans on your report. Or do you only have credit card accounts. My score was 594 in April when I had 11 defaulted student loans on my account with no positives except First National Bank of marin. But I also had 11 positive student loan accounts. Since then I have improve to 619 and 625 even with all my inquiries. There has to be some quick score increase strategies you should use. Have you checked your credit report to make sure accounts are reported in a positive way to maximize your score. These might sound like dumb questions but that really doesnot sound right.
  5. Momof3

    Momof3 Well-Known Member

    I hear roni I am confused myself, but my reports are correct, the only thing I can think of is 10 accounts with high balances??
  6. Momof3

    Momof3 Well-Known Member

    Sorry I guess I should have said more, yes I only have credit card accounts and a paid installment from a furniture company, paid in full never late, tons of inquiries and 1 30 day late from last year. I still don't understand a 540, you would think I filed BK or something and had tons of collections, but I don't I am totally confused.
  7. roni

    roni Well-Known Member

    Maybe the the balances on your credit accounts are killing you. Also I dont really think that closing your accounts quicker will hurt your score anymore. That might do the trick for you. I know you were gonna close one a month. Also have you tried the credit analyzer at When you buy your online credit report you also can buy a credit analyzer for jut $3.95. You can also just purchase the 3.95 credit analyzer. It tells you what 3 things are helping your score and what 3 things are hindering your score. I like it. Very imformative.
  8. Momof3

    Momof3 Well-Known Member

    RE: Mortgage experts Roni

    Hmm that sounds interesting, did it help you alot??
  9. roni

    roni Well-Known Member

    to momof3

    sorry thats
  10. MikeG

    MikeG Well-Known Member

    My guess is that it's the inquiries that are bringing you down. If it is true that each inquiry is about 5 points, then 20 inquiries is a hundred points. Inquiries are killing me also, I hope Junum can get rid of my old ones. Shoot, I hope they can get rid of all of them by the end of the year.

    Mike G.
  11. roni

    roni Well-Known Member

    I just review my experian. I have 32 inq. in the last 6 months. You do the math. I really dont think it is 5 each though.
  12. David W

    David W Guest

    There are two issues, owenership of the home and liability of the mortage. Anyone at any time can add additional owner to the house or a car, etc., simply by adding the person's name to the title. On the other hand, liability of the mortage remains yours alone. In order to add a spouse to the loan, the mortage would need to be refinanced with both as co-borroweres.

  13. Mo

    Mo Guest

    Mom, my expertise is limited to my situation in California. According to 2 lenders I investigated when we got our mortgage, we got the following consistent story:

    The spouse with the LARGEST income (the "primary applicant) will have his/her FICO score to be the determinant for qualification. The specific FICO score to be used will be the "middle" (i.e., the high and low FICO is tossed out)

    The income qualifications are based on total household income.

    The creditworthiness of the "secondary applicant" is irrelevant UNLESS there are judgements or collections. In that case, such judgements or collections would need to be paid off. I would imagine this can vary depending upon whether or not your state is a community property state. By example, if the "primary" applicant had a middle FICO of 690, and the "secondary" had 3 scores of 590, 600, and 610, the factor that matters is the 690 score of the "primary".

    I point this out so that you can inquire about such things from potential lenders. I certainly don't make any claims that this is consistently true across the country.
  14. Momof3

    Momof3 Well-Known Member

    RE: Mortgage experts Thanks MO

    Thanks MO, I will ask my lender about this I am still waiting for my mortgage package, but I begged and pleaded for my scores LOL. So maybe this information will be included in his evaluation. Thanks again MO, you have been most helpful

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