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I quit my job to homeschool in Nov 07 and we found our ideal home and community last weekend; now I am concerned that my credit will not be taken into consideration without having income. The house is $361K, property tax is about $9K, my husband's income this year is $104K+/-...will they consider my income from previous years..$70K. Any and all feedback greatly appreciated..... I just want to have an idea where we are before contacting lenders/brokers.
No they can not use yours, but your husbands score is fine. As an FYI… per the Federal Trade Commission (FTC) , there is only one source for you to get a free credit report from all three credit repositories, “annualcreditreport.com”. not give anyone else your personal info without seeing them in person. Make sure to price out your loan with your LOCAL banks and mortgage brokers only. A lot people giving advice on here are also looking to give you a loan (it’s not advice, its advertising), if they are not local to you and you can’t get to them within 1 hour don’t fall for it. They say they are licensed in all 50 states, what does that mean? Which state do you have to look in first if something goes wrong? KEEP IT LOCAL; DON'T GET RIPPED-OFF BY SOMEONE Fairfield WHO KNOWS WHERE WHICH YOU WOULD HAVE NO DIRECT ACCESS TO. Remember Buddha's advice: "Believe nothing, no matter where you read it or who has said it, not even if I have said it, unless it agrees with your own reason and your own common sense." You are the only "expert" you can trust: All brokers, and every other loan officer guru giving advice here with a .com or contact me at the end is "selling" you something (it’s not advice, its advertising). Don't buy "it." When shopping for a mortgage, here are a few things to do to maximize your savings and time: 1. When asking for a Good Faith Estimate(GFE), tell each mortgage originator (lender) what interest rate to use so you can compare apples to apples (rate affects closing costs). This is probably a different thought process for you because you always shop interest rates on a mortgage right? Remember all mortgage originators have identical wholesale interest rates. If you shop the same interest rate among mortgage originators, it levels the playing field and discloses what they want to charge you for their time to originate and close your mortgage. It is similar to shopping for a car. Why does the exact same new car vary in cost from one dealership to the next? Some dealers want to make more profit than others. 2. Secure Good Faith Estimates from various mortgage originators within a 4 hour time frame (rate and pricing can change daily and even multiple times in one day). 3. Do not compare the prepaids, reserves, escrow, title charges, and government recording sections of the estimates; third part fees are not controlled by the mortgage originator. 4. Ask each mortgage originator to base the interest rate on a 30 day lock unless you need longer. 5. If the loan allows you to waive escrow (paying taxes & insurance yourself), let the mortgage originators know because this will affect closing costs. 6. If refinancing, let the mortgage originators know if you are pulling cash out. A cash-out refinance usually increases closing costs. Your Biggest Challenge The mortgage industry today has never been more unethical. The industry has produced several record-breaking years in a row regarding total origination and as a result, greed is driving the industry. Your biggest challenge is receiving a Good Faith Estimate that is provided to you in "Good Faith"! We spend more time showing consumers how mortgage originators are lying to them in regards to an estimate given! That’s right, lying! “Bait and switch” has become a prominent sales tool in the mortgage industry. Bait you in with a bogus estimate then switch things after you are hooked. This is so discouraging; banks and so called direct lenders have become some of the worst at this practice. Education is your biggest weapon against this practice. Take the time to fully understand closing costs and rates before proceeding. You should know exactly how much the mortgage originator is getting paid by all sources (no matter where it comes from, it's ultimately coming out of your pocket). Protect yourself by asking for and receiving prior to application and origination a written guarantee stating the TOTAL amount of compensation (YSP, rebates, commissions, kickbacks) that will be received and kept by the mortgage originator. This will help assure that your best interest is kept in mind. Originating a mortgage is a service, not a product; compensation should not be based on the loan amount or interest rate. All ethical, honest, upfront, transparent mortgage originators will be more than willing to provide you with a written total compensation guarantee in addition to the (GFE) Good Faith Estimate (focus on the word “Estimate” because that is exactly what it is, an estimate of charges) prior to originating your loan.
It does not matter the credit score. The credit score of the person that will be making mortgage payments or earning the most money in the house hold will be used. If you have no job then why would they use your score? The lender will not consider past income or future income. Only if you are currently employed and employed for 2 years or more. Now if you are currently working along with your husband the lender will consider all the income that coming into the house hold. If you decide to quit your job after the loan closes that is Fairfield and you will not be penalized. Both of you have excellent credit scores that are well above the norm, so you should not have a problem getting the best possible interest rate for a mortgage. The only other thing that might be a problem is the amount of monthly expenses you have and the amount of your husband's income to pay these expenses. It appears to me that you guys have been very responsible financially and should not have a problem getting the best possible mortgage available. I hope this has been of some use to you, good luck. "FIGHT ON"
Those are pretty good scores. I think you will be fine. With such good records I think most lenders are willing to overlook things like the wife is a stay at home mom. Mostly is showing them that you are responsible and will pay the debt back. your scores reflect good responsible behavior so I think you are good. Your husband's income alone would probably qualify him for the $361K loan plus the 9K for taxes. As long as you guys don't have too much debt I would be pretty confident that you have a good chance of getting approved. :D
No, they will not consider your credit score. Lien holders are concerned with how loans are going to be paid back. You do not have any income . Depending on your husbands debt to ratio, you all should be ok
Nope, must have income .. but your husbands score is good as well. You will be fine as long as the debt to income ratios come out ok.
Typically if you don't have income, your credit rating will never be considered. And even if you own credit cards and your husband is paying them, his payments are making your credit score look good.
I know when my husband and I bought a car, they used my credit and my husbands income. I am also a stay at home mom, so I understand where you are coming home.
Your husband should be good and you could co-sign. It'll also depend on if you place a down payment or not and the size of the down payment. It would be better if you talk to a financial specialist at a bank/mortgage brokerage since they can better review your background.
This is a very simple loan. Yet, Assets and money down is very important do to the decline in the market. You can contact me via email if you would like to know your options. Brandon
Your husband's income counts as your income.