I have been pre-approved with my sister and brother-in-law for getting a 2-family for I think up to 750k. But now I was looking into maybe getting a one-family with my husband, and I still need to get pre-approved for that. Is it hard to get pre-approved for at least 350-375k? I wouldn't put my husband's credit down because his is awful, but can I still put his income down? His yearly salary is different than what he actually makes, like he made 20k more than what his actual regular salary because of OT so our combined income would be 100k because of that. I have good credit though, above 7.3 I think. I guess I just wanted to know in general, in my circumstances from other people's experiences, will it be hard to get pre-approved for around 350-375k, or is that a lot? I just don't know when I can go for the pre-approval this week, and I'm getting anxious about it.
Jordan
Posted:
Member since
Re: Question About Pre-Approval
Are you talking $350-375 loan or house? If you're talking loan, you're talking jumbo loan...
Also, I don't think you can use your husband's salaray if you're not putting his info on the loan. In our case, we were pre-approved based on DH's salary and credit alone and are considering my salary 'bonus'...more of a cushion for us than anything else.
I wouldn't be anxious - just go and talk with someone - find out what all your options are.
Good luck!
DjPiLL
Posted:
Member since
Re: Question About Pre-Approval
You can't put his income on the loan application without them doing a credit check of him.
You can't put that income under your name cause they will want to see work paystubs.
Just do a no-doc loan if you can't get approved on your salary alone.
skew
Posted:
Member since
Re: Question About Pre-Approval
what is DH's credit score? they are lenders that WILL do approvals for those w/ less than average credit but and rate will be higher.
as DJ mentioned, you cannot claim his income if he isn't a co-applicant.
eta: for us, the pre-approval was not an issue. to save time, i went through my bank and was pre-approved for just myself. IMO, pre-approvals mean nothing. we were NEVER asked to submit the approval, just asked to verbally confirm.
violet
Posted:
Member since
Re: Question About Pre-Approval
Thanks. Well they can do a credit check on him, but they will see he has awful credit. But his income is very good, so hopefully it's okay.
skew
Posted:
Member since
Re: Question About Pre-Approval
Posted by violet
Thanks. Well they can do a credit check on him, but they will see he has awful credit. But his income is very good, so hopefully it's okay.
from my experience there is a set score needed to qualify (it varies from lender to lender). regardless of income amount, if the score is not high enough, he will not qualify.
DjPiLL
Posted:
Member since
Re: Question About Pre-Approval
Posted by skew
from my experience there is a set score needed to qualify (it varies from lender to lender). regardless of income amount, if the score is not high enough, he will not qualify.
With his low credit score... you may get a mortgage... but you may pay a premium on your interest rate.
You can make all the money in the world. Just remember that its not always the poor people of the world that don't pay their bills and/or taxes. Some rich people are just as guilty and banks will look at it that way.
HearzBellz
Posted:
Member since
Re: Question About Pre-Approval
you can also opt to do a pre-approval absed on salary alone, or no salary/no credit check. You can still get approval, but it will be at a higher interest rate, and will most likely be a variable interest rate.
Good Luck
DjPiLL
Posted:
Member since
Re: Question About Pre-Approval
Posted by HearzBellz
you can also opt to do a pre-approval absed on salary alone, or no salary/no credit check.
Commonly referred to as a no-doc loan.
This may be your best alternative. His bad credit score will give you major issues for years and years.
It would probably be in your best interest to PUT HIM on the loan. Do a no-doc loan... pay a premium in your interest rate.
He will build up his credit score over time... and when it gets past 680 or so... re-fi into a better rate.
littlecat
Posted:
Member since
Re: Question About Pre-Approval
My credit was not good when we bought our house so my husband went for the mortgage. We did a no income verification - they check your credit score and verify that you have a job but you don't put how much you make. The bank or mortgage broker puts the amount down so you can get approved. I think we paid a 1/4 percent higher rate for that which is nothing.
Kim
violet
Posted:
Member since
Re: Question About Pre-Approval
Thanks for the advice. My BIL is going for his master's in real estate, and I could have sworn he said I could get a loan with my credit, but could still include my husband's income. Guess not.
