I found out yesterday that my wife's middle fico is 722! Mine is running about 650. Recap of my situation: 6mo out of BK7 discharge. Reports are getting cleaner every month. The problem is, although my wife was not included in my BK, she works part time and has a very low verifiable income. Together we have enough income and low enough ratios to qualify for more than we need. Anybody have any idea how to get around this and qualify on her scores? I am hearing about "stated income" mortgages but don'e know if they would actually work. Thanks
On a conventional mortgage where you are co-applicants, they will usually use the middle score for the primary wage earner to set rates, etc... this is probably not going to help you since it looks like you are the primary wage earner not your wife... maybe someone else has more input?
Just wanted to spy here. My girlie has good credit, mine sucks, and we're looking at houses. Thought I would hang out and see what ya'll say.
I know very little about them but there are such things as "no income documented" mortgages... Perhaps your wife could qualify for one of these with having such a good score. I believe the interest rate is slightly higher, though.
I am going through a no doc loan. It doesn't matter my income was (they made me go full-time though) but my middle score had to be 620, I had to put 5% down and the interest will be a little higher since it's no doc. They told me it would be 7.6% but I've heard you could negotiate with the loan officer. That's what I plan to do. At least bring it down to 7%. Janet
When you say they made you go full-time, do you mean the loan was dependant upon you working full-time? Did you have to have a minimum of two years on the job? One more question (for now) -- who are you going through? Thanks Janet!
Nineflies Your best option might be to go with a NINA (No Income No Asset) mortgage in your wife's name. All that will be looked at will be her scores. A no-doc loan generally will require that you be able to prove enough assets to cover up to 6 months PITI. If you want more information and need more detailed information, you are welcome to email me off board. We have communicated that way before. fla-tan
FLA-TAN! I just about fell out of my seat seeing your post!!! I'm just happy to see you!!! Gosh, I hope all is okay. A WHOLE LOT OF PEOPLE have been worried and have missed you. Not just for your expertise either, you're a "friend" to a lot of us too!!! Glad you're back!! ) Newstdt
Thanks Newstdt. I am now blushing red. It is nice to know that at least one person is glad to see me. Sorry about causing you to fall out of your chair though....LOL fla-tan
I have no idea why they made me go full-time (I guess for stability) but my job always love full-time employees. Oh, and I've only been at my job a year and a half. The loan's through, I believe, a bank in Arizona. I could ask my loan officer for you. Even though I only made $25,000 full time, I qualified for a $110,000 home. Janet
What is your down payment? My middle score is EQ 687 (TU = 698 EX 635). I am getting a VA loan, so I know it is a bit easier, but I am qualifying at 6%. Your middle score is 650 and that is good enough for FHA.
