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Buying house in future, anyone work for a mortgage lender?

Anonymous
Posted by Anonymous
  • 46 Replies

My husband is going to be applying for a mortgage loan on his own because I have a high amount of student loans.  We live in Michigan and they do not force both spouses to apply.  We will be first time home owners with bad credit in the past but have been working on it. 

Right now his middle Fico 8 score is 652, middle score for mortgage is 633.  He has $3500 in credit card debt right now, DTI is 15%.  We plan to start looking for a mortgage company middle of March.  So my question is should he try to pay down the credit cards some to raise his score and have more options than just FHA or should we just start saving for more than the 3.5% down that FHA requires? 

Thank you!

Posted by Anonymous on Jan. 13, 2018 at 9:14 PM
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Replies (1-10):
Anonymous
by Anonymous 2 on Jan. 13, 2018 at 9:16 PM
With that fico, FHA is your best (and possibly only) option. Why are you waiting until March? Ask around to get referrals. Look at Yelp for reviews too. A mortgage broker can usually get you a better deal than a bank.

Just keep saving. No need to pay down CC unless mtg. Broker advises.

Quoting Anonymous 1:

My husband is going to be applying for a mortgage loan on his own because I have a high amount of student loans.  We live in Michigan and they do not force both spouses to apply.  We will be first time home owners with bad credit in the past but have been working on it. 

Right now his middle Fico 8 score is 652, middle score for mortgage is 633.  He has $3500 in credit card debt right now, DTI is 15%.  We plan to start looking for a mortgage company middle of March.  So my question is should he try to pay down the credit cards some to raise his score and have more options than just FHA or should we just start saving for more than the 3.5% down that FHA requires? 

Thank you!

Anonymous
by Anonymous 1 - Original Poster on Jan. 13, 2018 at 9:31 PM

We are stuck in a rental lease until the end of Feb, after we are going month to month.  Ideally we want to move in May or June, I was told that a pre-approval is good for 3 months so I was going to start looking for a lender mid March when we will have the 3.5% saved. 

I was looking at a score stimulator and it said that he could raise his score a lot by paying the credit cards down and then we would have a few more options than just FHA. 


Quoting Anonymous 2: With that fico, FHA is your best (and possibly only) option. Why are you waiting until March? Ask around to get referrals. Look at Yelp for reviews too. A mortgage broker can usually get you a better deal than a bank. Just keep saving. No need to pay down CC unless mtg. Broker advises.
Quoting Anonymous 1:

My husband is going to be applying for a mortgage loan on his own because I have a high amount of student loans.  We live in Michigan and they do not force both spouses to apply.  We will be first time home owners with bad credit in the past but have been working on it. 

Right now his middle Fico 8 score is 652, middle score for mortgage is 633.  He has $3500 in credit card debt right now, DTI is 15%.  We plan to start looking for a mortgage company middle of March.  So my question is should he try to pay down the credit cards some to raise his score and have more options than just FHA or should we just start saving for more than the 3.5% down that FHA requires? 

Thank you!


PJMM
by Ruby Member on Jan. 13, 2018 at 9:35 PM
I think an FHA makes you buy PMI. private mortgage insurance. If you can avoid that do so you'll save. But honest I shopped around banks. I did go to a mortgage broker but I did better researching on my own. Try credit unions also.

Quoting Anonymous 1:

We are stuck in a rental lease until the end of Feb, after we are going month to month.  Ideally we want to move in May or June, I was told that a pre-approval is good for 3 months so I was going to start looking for a lender mid March when we will have the 3.5% saved. 

I was looking at a score stimulator and it said that he could raise his score a lot by paying the credit cards down and then we would have a few more options than just FHA. 

Quoting Anonymous 2: With that fico, FHA is your best (and possibly only) option. Why are you waiting until March? Ask around to get referrals. Look at Yelp for reviews too. A mortgage broker can usually get you a better deal than a bank.

Just keep saving. No need to pay down CC unless mtg. Broker advises.

Quoting Anonymous 1:

My husband is going to be applying for a mortgage loan on his own because I have a high amount of student loans.  We live in Michigan and they do not force both spouses to apply.  We will be first time home owners with bad credit in the past but have been working on it. 

Right now his middle Fico 8 score is 652, middle score for mortgage is 633.  He has $3500 in credit card debt right now, DTI is 15%.  We plan to start looking for a mortgage company middle of March.  So my question is should he try to pay down the credit cards some to raise his score and have more options than just FHA or should we just start saving for more than the 3.5% down that FHA requires? 

Thank you!

Anonymous
by Anonymous 2 on Jan. 13, 2018 at 9:40 PM
What is his CC limit? Of all accounts combined?

Quoting Anonymous 1:

We are stuck in a rental lease until the end of Feb, after we are going month to month.  Ideally we want to move in May or June, I was told that a pre-approval is good for 3 months so I was going to start looking for a lender mid March when we will have the 3.5% saved. 

I was looking at a score stimulator and it said that he could raise his score a lot by paying the credit cards down and then we would have a few more options than just FHA. 

Quoting Anonymous 2: With that fico, FHA is your best (and possibly only) option. Why are you waiting until March? Ask around to get referrals. Look at Yelp for reviews too. A mortgage broker can usually get you a better deal than a bank.

Just keep saving. No need to pay down CC unless mtg. Broker advises.

Quoting Anonymous 1:

My husband is going to be applying for a mortgage loan on his own because I have a high amount of student loans.  We live in Michigan and they do not force both spouses to apply.  We will be first time home owners with bad credit in the past but have been working on it. 

Right now his middle Fico 8 score is 652, middle score for mortgage is 633.  He has $3500 in credit card debt right now, DTI is 15%.  We plan to start looking for a mortgage company middle of March.  So my question is should he try to pay down the credit cards some to raise his score and have more options than just FHA or should we just start saving for more than the 3.5% down that FHA requires? 

Thank you!

Anonymous
by Anonymous 1 - Original Poster on Jan. 13, 2018 at 9:45 PM

His total credit limit on credit cards is $5250 so his percentage is high. 

Quoting Anonymous 2: What is his CC limit? Of all accounts combined?
Quoting Anonymous 1:

We are stuck in a rental lease until the end of Feb, after we are going month to month.  Ideally we want to move in May or June, I was told that a pre-approval is good for 3 months so I was going to start looking for a lender mid March when we will have the 3.5% saved. 

I was looking at a score stimulator and it said that he could raise his score a lot by paying the credit cards down and then we would have a few more options than just FHA. 


Quoting Anonymous 2: With that fico, FHA is your best (and possibly only) option. Why are you waiting until March? Ask around to get referrals. Look at Yelp for reviews too. A mortgage broker can usually get you a better deal than a bank. Just keep saving. No need to pay down CC unless mtg. Broker advises.
Quoting Anonymous 1:

My husband is going to be applying for a mortgage loan on his own because I have a high amount of student loans.  We live in Michigan and they do not force both spouses to apply.  We will be first time home owners with bad credit in the past but have been working on it. 

Right now his middle Fico 8 score is 652, middle score for mortgage is 633.  He has $3500 in credit card debt right now, DTI is 15%.  We plan to start looking for a mortgage company middle of March.  So my question is should he try to pay down the credit cards some to raise his score and have more options than just FHA or should we just start saving for more than the 3.5% down that FHA requires? 

Thank you!



Anonymous
by Anonymous 3 on Jan. 13, 2018 at 9:47 PM
Keller Williams Realty is starting up the mortgage lending side of things. We’re currently building a home and using them for lending and they have been phenomenal. I’d see if they’re lending in your state too.
Anonymous
by Anonymous 2 on Jan. 13, 2018 at 9:48 PM
Try to get it under 50%. That’s all you really need.

Quoting Anonymous 1:

His total credit limit on credit cards is $5250 so his percentage is high. 

Quoting Anonymous 2: What is his CC limit? Of all accounts combined?

Quoting Anonymous 1:

We are stuck in a rental lease until the end of Feb, after we are going month to month.  Ideally we want to move in May or June, I was told that a pre-approval is good for 3 months so I was going to start looking for a lender mid March when we will have the 3.5% saved. 

I was looking at a score stimulator and it said that he could raise his score a lot by paying the credit cards down and then we would have a few more options than just FHA. 

Quoting Anonymous 2: With that fico, FHA is your best (and possibly only) option. Why are you waiting until March? Ask around to get referrals. Look at Yelp for reviews too. A mortgage broker can usually get you a better deal than a bank.

Just keep saving. No need to pay down CC unless mtg. Broker advises.

Quoting Anonymous 1:

My husband is going to be applying for a mortgage loan on his own because I have a high amount of student loans.  We live in Michigan and they do not force both spouses to apply.  We will be first time home owners with bad credit in the past but have been working on it. 

Right now his middle Fico 8 score is 652, middle score for mortgage is 633.  He has $3500 in credit card debt right now, DTI is 15%.  We plan to start looking for a mortgage company middle of March.  So my question is should he try to pay down the credit cards some to raise his score and have more options than just FHA or should we just start saving for more than the 3.5% down that FHA requires? 

Thank you!

Anonymous
by Anonymous 2 on Jan. 13, 2018 at 9:50 PM
Almost every brokerage has in-house lenders, sounds like you found a good loan officer. However, that doesn’t speak for every in-house lender at every KW.

Quoting Anonymous 3: Keller Williams Realty is starting up the mortgage lending side of things. We’re currently building a home and using them for lending and they have been phenomenal. I’d see if they’re lending in your state too.
Anonymous
by Anonymous 2 on Jan. 13, 2018 at 9:51 PM
Which state are you in?
Anonymous
by Anonymous 4 on Jan. 13, 2018 at 9:52 PM
I have an FHA loan but really wish I didn't. The PMI is a lot. I could have a much lower payment with a conventional loan. I was thinking of refinancing but I'm trying to sell in about 2 more years anyway.
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