OfflineI have question for member out there that we have pick a bank to help us get house but my husband credit port is low. And question is can I put both our credit port to gether to make our credit higher? what step should I take next.
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The way I understand it the bank gets both your FICO Scores (Equifax, Experian and Trans Union) which means the median scores posted by this 3 reporting credit agencies. For example, your Husband has a FICO of 720 and yours is 680, the bank will consider the 680. You cannot combine your Credit report together but you can combine your income for the DTI. I'm quite not sure now if they've change the rules, but more or less thats about it.
They also need to determine your DTI (Debt To Income ratio) to enable them to know how much you can afford to pay for your mortgage each month or how much loan you can qualify. The lower your DTI, the bigger amount you can qualify to loan, the lower the interest rate at the same time. I think FHA has a different rules and not as strict as Conventional. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
are the three biggest factors in them
Because of his low score, they might just go with yours depending on your income. If you plan on buying a multi-family, you're given more leeway because they add in the expected rent as income which lessens your DTI and gives you some elbow room.
Please stop double dipping with threads; no need to create two of the same subjects
ok I will stop doing it twie thank you for help!!!
ps. Adrianne Oliver 10-2-2010