Here is the scenario:
A couple wants to buy a house. They do not have 5% to put down (expensive housing market). His credit is poor (in the 500's) but he makes well-above average income and his only debt is his vehicle (bad money management in the past). Her credit is good, but her income is just average and she still has a good amount of debt (college loans, credit cards, vehicle).
When applying for a mortgage, would it be better to use the combined income ($100K+ per year) even though it would pull his low credit score, or is the credit score so important that they should try to just get the mortgage on her alone, even though she has a high debt to income ratio?
Will most companies agree to run both scenarios to see what the better deal is?
2006-11-30
07:16:39
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8 answers
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asked by
duritzgirl4
5