The debt is also an important qualifying criteria.
That said, in this market property values are low and depending on how much you want to spend you may be able to buy the house you want on your wifes income alone.
Most important thing is to get pre approved first. And work with a lender you trust who can help you meet your goals.
I am in Matteson.
Quality Mortgage Lending
However, you could be close and in a couple months you could get your score up. I work with buyers in this area and work with a lender who helps people get qualified.
Please feel free to contact me and I can give you some more information to get you started.
RE Marketing Consultants, Inc.
I am a local mortgage broker and would be happy to help you get pre-qualified We work with over 30 lenders to help you get the best possible financing. Our lenders will go as low as a 580 score on an FHA mortgage. SMC carries an A+ Better Business Bureau Rating and has worked in the community for over 15 years! Please call me at 630-478-2684, email or visit my website get started.
In regards to your score, lenders will use the lower of the two scores. If your wife can qualify with her income alone; we will use just her information or we can work on raising your score to help qualify and have both of you on the loan.
Give me a call so we can discuss in more detail. I look forward to working with you.
Smart Mortgage Centers
firstname.lastname@example.org / http://www.smartmortgageinc.com
If you need both incomes to qualify, yes. Your score will be a limiting factor. I would encourage you to take some time to improve your credit first. You'll both improve your chances for approval and lower your rate.
Pay your bills on time, pay down your balances to 1/3 or less of their high credit. Do not close any accounts; this will reduce your score. Dispute any errors on your report in writing with each agency that reports them.
These are just a few steps that can get you closer to buying. Establish and live within a budget that includes a savings account. You will need down payment and reserves (money left over after your down payment) to qualify for most mortgages. If you set yourself up with these disciplines before you buy your home, you'll be much better off and have habits that can help for a lifetime. Best of luck.
You'll want to contact a mortgage professional and have them run the numbers. They'll factor in your credit score, amount you can put down, and debt to income ratio to give you a better idea of what you'd qualify for. If you have any questions, or would like the name of a great, upfront, honest lender who will give you straight answers - please feel free to contact me directly.
Terry Farnsworth, Licensed Broker
Prospect Equities Premier