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My question is 1st Lending Tree mortgage current and 2nd Lending Tree mortgage is foreclosing, can payoff both? Hoping for any answer or 2. Second question.. My husband and I are planning on trying to buy a house later this year. We are both in the process of working on our credit scores. Mine is decent - around 680, but thinking I can pull it up to around 700-720 by the time we shop for mortgages. His on the other hand, is around 450. |
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I would like to know the answer too. Anyone here know what is the right answer. I'll do some Googling and get back to you if I bump into an decent answer. You should email the people at Lending Tree as they probably can help you..
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Looks like your in TX, which is a community property state. If you can qualify on your own, find a good broker. I've seen some insist that both spouses be on the purchase contract, while others don't. (Experienced it directly w/purchaser of our home)..
He should be able to be on the deed, and although I won't swear to it, in RE school as it was explained, even if he's not, since TX is a community state, it is assumed that purchases are CP, you have to bend over way backwards to try and prove it's separate... |
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Thanks for the replies. My income is about half of his. From the calculations I have done on websites, if we tried to get a Lending Tree loan on just my income, it wouldn't be enough for the size of home we can afford and would like. Houses are very expensive in our area (we live in northern Virginia)..
Could I put his income as "other income" on my application to up the amount I qualify for?.. |
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Jylinn - We posted at the same time! I am originally from Texas, but we now live in Virginia. We are considering moving back to Texas later this year, though, since we may never be able to afford a house where we live now...
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I've done that on cc applications, but with a purchase as big as a house, I would have to guess it would send up flags. You really need to talk to a good broker about that. Maybe Fla-tan will stop in later and offer an opinion...
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Ours took both of our scores and then used the lowest of the 2 middle scores...
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Happy.
There are much better ways to do it, based upon what you have written. DH's scores most likely will prevent you from qualifying for a conventional conforming Lending Tree mortgage (depending on what is causing his scores to be so low). If your scores get to where you believe they will be then there are conventional lenders that will allow you to be solely on the Lending Tree mortgage and either do the Lending Tree loan as a stated income or no income mortgage. You then include DH on the deed and there is no problem. If you wish, I can go into more details off board, because I would need much more detailed info before being able to give you definitive information.. Hope this helps you.. Fla-tan.. |
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Jlynn,.
Our first underwriter was going to use my scores and income, but I didn't make enough for what I wanted to buy. She said I could get a nice condo out in the boonies (smile) but I said I don't think so, So I boosted DH scores during chod to 500 510 and 520 they took his middle score and my middle which is much lower than yours. At the time I was at 599 610 and 550 - I also make a little bit more money then he does, so my name comes first on all the closing docs.. Your going to need your DH income so start an investigation with EQ around the time you contact your Lending Tree mortgage broker, this will boost your DH score and dispute EX and TU now... |
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Fla-tan - I emailed you!.
Chitchat - If you don't mind me asking, what rate did you get with those scores?. I feel like such a newbie here! Is there a reason I should wait with EQ? Unfortunately many of the things on his credit are accurate. Does it help to dispute them anyway? I saw a goodwill letter floating around I was thinking of borrowing... |
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On the 1st 6.85% on the 2nd 7.25% with 100% percent financing..
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Wow, chitchat! Those are much better rates than I would have expected. I've been worried that they would be much higher with our current scores..
Thanks for sharing!.. |
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Happy.
Anything that you find on this board is available and free to use. And I got your email also.. Fla-tan.. |
