First Time House Buyers...advice?
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First Time House Buyers...advice?
Posted by Brettesaurus Rex on 4/5 at 2:19 pm
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This post was edited on 4/9 at 11:10 am

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Posted by ljd4662 on 4/5 at 2:31 pm to Brettesaurus Rex
You'll be fine. I bought a house last year by myself with a credit history very similar to that of your wife (assuming shes paying on time). Got a pretty good rate too at 3.125% on a 15 yr mortgage.

To be honest, they seemed more concerned about me proving my income and current assets.



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Posted by ljd4662 on 4/5 at 2:33 pm to ljd4662
Remember though, mortgage payment should be no more than 25% of your take home pay on a 15 yr fixed rate mortgage. Its a good rule to live by.


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Posted by 10MTNTiger on 4/5 at 2:39 pm to Brettesaurus Rex
My wife and I just bought our first house. I have excellent credit and my wife does too, but hers is about 50 points lower than me. The bank used the lower of the credit scores for the calculations - it was still north of 750 so I don't think it mattered all that much.

The bank is likely just going to turn around and sell your loan, and they can get a higher price based on your credit score - so you have some leverage there. Just be careful about having banks run your credit - it puts a small dent in your credit score by something like 5 points and lasts for 2 years, so don't go to 5 different banks getting checks.

The other thing I would recommend is to talk to some folks in the area and get recommendations for LOCAL banks. We initially got pre-approval through USAA as I have always been 100% satisfied with them as my bank, but the local banks demolished USAA on the mortgage offerings.

Just do your homework, don't get too freaked out about getting everything perfect since it is the first time.



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Posted by TigerDeBaiter on 4/5 at 2:42 pm to Brettesaurus Rex
quote:

She's building it up with a credit card and car loan payments, but by the time we close these wont show up most likely


If you just bought the car, that was a mistake. Never make a major purchase right before you buy a house. Never.



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Posted by ljd4662 on 4/5 at 2:45 pm to TigerDeBaiter
quote:

If you just bought the car, that was a mistake. Never make a major purchase right before you buy a house. Never.


this is true



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Posted by Brettesaurus Rex on 4/5 at 3:58 pm to ljd4662
We bought a car in February, we wouldn't close til probably September.


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Posted by GFunk on 4/5 at 9:55 pm to Brettesaurus Rex
Call your car insurance agent and ask if he'll write a letter saying she's paid her bill for a year with no issue.

Call Otto the local mechanic and have him write a letter saying she personally financed a set of tires and paid him on time for the last year.

It ain't hard.



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Posted by novabill on 4/6 at 7:46 am to GFunk
You are good doing it in your name alone. You will be good to 45 % dti on conforming and 50 % on a government loan. She can. Be o. Title even if she is not on the loan.


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Posted by baytiger on 4/7 at 10:02 am to Brettesaurus Rex
We're about to buy as well...our credit is pretty great, but for us, the scariest thing is liquidating almost all our savings for a down payment and closing costs...

We just put in an offer on for 198k on a place where the seller was asking 220k. I halfway hope that the seller rejects our offer



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Posted by AutoYes_Clown on 4/7 at 10:57 am to Brettesaurus Rex
My wife and I are buying our first in ~August. We are in a similar situation where my credit is better than the wife and we bought a new car in December. Our broker told us that basically, credit = rate and income = loan amount. We have the option of adding my wife's income to a mortgage, getting the higher loan amount, but getting one tier higher rate. Or, use only my income for better rate, but lower loan amount. There is no reason we should get a bigger/better house than what I can get approved for.


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Posted by Siderophore on 4/7 at 11:02 am to 10MTNTiger
quote:

Just be careful about having banks run your credit - it puts a small dent in your credit score by something like 5 points and lasts for 2 years, so don't go to 5 different banks getting checks


The credit reporting agencies all allow for rate shopping on loans like car and house loans.

All inquiries in a months or so period count as one.

And it isn't a 5 point hit that lasts for the two years. It fades as time goes on. After a year it is already half that.


This post was edited on 4/7 at 11:03 am

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