Home Buying in Pomona>Question Details

Steve, Home Buyer in Pomona, NY

I have a debt to income ratio on my own of 54% however that is not the only household income yet the other two people buying home have terrible credit

Asked by Steve, Pomona, NY Thu Nov 17, 2011

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Consider lowering your debt and improving credit; to determine mortgage qualification, visit with any licensed loan officer; after reviewing your overall financials, income, credit, debt, a determination can be made; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done. Keep in mind that Lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations.
1 vote Thank Flag Link Fri Nov 18, 2011
There may have to be some creativity involved in order to get you approved. Please email me at allan.erps@randrealty.com or call my cell (845-304-3040) in order for me to gather all of your information. Best of Luck, Allan
0 votes Thank Flag Link Fri Feb 24, 2012
You not get a mortgage if your co-borrowers have terrible credit. If they are not on the mortgage, they have no responsiblity to pay it. In the past they have not paid their bills in a timely manner, what makes you think they will pay now?
0 votes Thank Flag Link Sat Nov 19, 2011
Be careful taking on someone else’s problems. Buying a home with someone that has terrible credit puts your assets in jeopardy, especially if you are counting on them to help pay the bills and mortgage. Creditors have a knack for getting aggressive when you can afford it the least. Why would you want to bankroll someone a lender has declined? If you take out the mortgage and give away two thirds of the equity that is what you have done.

A mortgage is a very, very long term commitment that can be difficult to end. Just read some of the horror stories on this site and you will see what I mean.

Info on Lease Option or Rent to Own:

Criminal Credit Repair:

Down Payment Assistance in KY:
0 votes Thank Flag Link Sat Nov 19, 2011
Yes, Steve, that's the problem. The other two people can't be counted on to pay their bills on time, so the lender doesn't want to count on them to pay the mortgage every month.

All the best,
0 votes Thank Flag Link Sat Nov 19, 2011
the bank will review/consider all applicants, and creditworthyness, steady income, job securerity, will be put to the test, / you may need a broker,
0 votes Thank Flag Link Sat Nov 19, 2011
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