Asked by Hans Visser, Morgan Hill, CA • Wed Jun 13, 2012
My wife and I are recent immigrants so while our credit history is unblemished our scores are hovering just above 720 due to limited history. Our debt ratio, with current mortgage included, is less than 20%. For comparable credit we have car loans, and an existing $370K mortgage on my wifeâ€™s name. Assuming that we are able to show verified income, is there a simple formula to determine what, all things being equal, we would qualify for as total loan? At that (maximum value), what percentage down payment is currently expected?
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