The bank told me under $5,000, is this correct, or did I hear him wrong? And if you are buying a home does your spouse have to be on the loan? I know the deed needs both names. Any advise on home loans and debt would be great.
2006-07-01 09:38:45 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The banks answer is based on your particular situation. Your credit score, income, other debt, etc. all factor into the decision. The amount of debt that the bank is willing to accept in your case won't be the same as it would be for someone else.
For example, when I got my last mortgage, I had over $30,000 in credit card debt, but have a long history of good financial management and enough income to pay all my debts. I had no trouble getting a mortgage at the best available rates at the time.
The bank will consider your spouse's income if they are on the loan. The bank will NOT allow your spouse's name to be on the deed if they are not on the loan as well, though this may vary in community property states.
Each loan application is evaluated individually and every loan is unique. You might want to consider checking with other banks and mortgage lenders. Every one has their own criteria and you'll likely get a slightly different answer from each of them.
2006-07-01 09:49:20 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
There is no limit to how much debt you can have. There can be a limit if we know how much money you and your wife make per month though. There are many loan programs out there and if you have only $5000 total debt that seems small. However if you have $5000 in monthly payments then that is a whole different story. Your does not have to be on the loan. Varies in some states though. Let me know if you want more options. The banks are out to protect their best interest, not yours. I am a coorespondent lender and we can do rates from several of the nations largest lenders, cheaper than they do. A good mortgage broker will provide you with many options not just, here is our rate on the 30 year like the bank does it. Shop around you will be suprised I bet. Need more help or ideas let me know.
2006-07-02 17:07:47 · answer #2 · answered by unclejesse1 3 · 0⤊ 0⤋
I don't understand what you mean by "debt on a single credit report". Are they trying to see that you don't have alot of debt already?
Usually it's based on score and not how much debt you actually have.
Your spouse does not have to be on the loan, the deed or the note. If one of you can qualify on your own, you can to it that way. I would suggest having both of you on the deed so you both have the right to the home in case of a divorce.
2006-07-01 09:44:49 · answer #3 · answered by Hot Pants 5 · 0⤊ 0⤋
There is some useful tips here.
2006-07-02 04:12:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋