weaqther a question or not?, me and my g/f would like to buy a home?

Question

for our clan ! yes she has 7, and i 1, now are credit is medicore, well 600+ how is the best waty to essablish better credit and ths buy or build a new home, !

Answer 1

Take your monthly revolving debt (car, credit cards, school loan) and divide that by your monthly gross income (its that high dollar amount you wish you get but dont). This will be your Top Debt to Income. Than take what you want to pay in mortgage and add that to your monthly revolving debt and divide by your monthly gross income. This will be your Backend DTI.

recap:
Top = Monthly Revolving Debt / Monthly Gross Income
Bottom = Monthly Mortgage Payment + Montlhy Debt / Gross Income.

Keep Bottom down to 40DTI and you should be able to own a home.

Caution you can go up to 55% DTI but you have such a big family that after all the utility bills and extra expenses that come with a house do you think you can still make the mortgage payment and live comfortable.

If you need help or advise please always here to help.

Answer 2

First, each of you should check your credit reports from all 3 credit bureaus. Make sure each one is accurate. Check all the accounts, to make sure the account is actually yours, the credit limit and balance is correct, and your payment history is correct. Check the names and aliases, and addresses. Dispute every incorrect item, no matter how small or irrelevant. You want that report to be accurate. Each credit bureau will tell you how to file a dispute, on the report.

You can obtain a free copy from each credit bureau, once per year, at the link below. You do not need to sign up for anything or join any trial offers.

Next, pay every debt on time. Try to pay it down as much as possible. Right before I bought a home, I paid down a large debt and my FICO score jumped 30 points when I did so. The longer you consistently pay on time, and the better your debt ratio gets, the more your scores will increase. It doesn't take long. 6 months of doing this can really help your score.

Answer 3

Talk to your bank.