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Mortgage application but with two different credit profile


whipped
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My g/f's credit is in the 800's across the board with very little debt (auto loan for $13K or so only) with less than $500 in CC debt.

 

Right now we're at a limbo as we eventually want to purchase the house we're renting but with her trying to nail down a job, talks of us applying together came into play.

 

As my signature shows, it's in the low 700's across the board. The bad part is that my DTI is very high. My income is good along with 10 years of employment with the company I work for but because I pay child support each month including two vehicle payments (totaling close to $600) and other loans, my DTI shoots up in the 53-54% range no matter how I look at it.

 

I'm completely assuming here but it would make sense for her to apply alone since my credit score would also drive up the interest rate? Would my DTI alone be a disqualifying factor and my income will not matter?

 

Any help is appreciated :) Worst case we'll likely save as much as we can and put more down towards the house together and her applying.

Edited by whipped
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A lot depends on a lot.

 

She'll need a job with a paycheck, and a history of a job with a paycheck, and usually a history of a job with a paycheck in the same line of work (if there are any fluctuations). I'm not on the production side of the business any more but, I deal with it from time to time.

 

Is your DTI on the front end or the back end with housing debt assumption? If you are sitting in the 50's all in, I would suggest getting some debt paid before applying.

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To get a loan the person(s) applying must meet all criteria - one persons great credit does not help anothers lesser credit (your scores arent bad )

You mention she is looking for a job and your debt to income is out of whack

 

If she doesnt have a job she will not be able to show income and qualify on her own

if you are on the loan and have high dti this will be a problem as well

 

Let me ask a few questions?

What is your debt to income with just credit payments and child support?

Does she currently have a job and looking for a better job or is she currently unemployed?

How much are home prices in the area you want to buy?

What is the gross income for each of you?

 

B

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