Yet another mortgage / credit question..

[novadude]

I have an excellent FICO score (high 700s). My wife has a mediocre credit score, due to her ex-husband defaulting on various things (this happened after they were separated, and she only recently learned of the credit trouble). Her FICO score is in the 600s. Her income is ~70% of mine.

My question is this: When applying for a mortgage, should I "go it alone" to get a better rate? Will her poor credit score hurt us if we apply jointly? Based on my income alone, the type of house we want will require us to take out a loan that is around the maximum that I can hope to borrow, per online calculators. What is the best way to proceed?

 

[pooter WS6]

yes her credit score can hurt you a little, but a 600 is still respectable. My fiance has a low 700 and I have a mid 700 and her score brought our overall down a little. All I can say is apply yourself. You should be approved for whatever amount you want, banks will love to get your business. Good Luck

 

[daves66nova]

is there a "calculator" somewhere online where it shows the amount you owe on something and the declining payments with apr added in? just as if you had a card balance, you made a monthly payment,and it showed the balance after,and hoiw much you still owe.

 

[pooter WS6]

I don't know if there is or not?

 

[like a rock]

Apply just yourself novadude and when it comes time to close have the banks lawyer add your wifes name to the deed. When applying jointly banks look at both credit scores. A credit score in the 600 range is not that bad.

 

[Amkeer]

Rock,

If your married she already part of the application process.

They will want letters verifying what happened and the reasons behind late payments, etc.. Try to clear up whats bad now on the credit report. It will take a few months to clean things up while you are shopping around for a home.

 

[Eric]

As a former loan officer I would advise you to find a good loan officer. Questions like "How long ago", "Whats in the divorce decree", and let me run an in-file" (which it sounds like you have already done)come to mind. How much down you putting, how much cash in the bank after settlement, etc, etc. Beleive me, you want a serious answer, you gotta find a serious professional who will undress you, financilly speaking, to see whats there.