Are mortgage loan amounts base more on income or credit score/history?
My fiancee and I have less than ideal credit, his being better than mine overall. Considering we make something like the same amount of money, would it make more sense for us to apply together for a loan since our income would be double that of him applying by himself, or should he simply apply and see what he can get approved for so that it isn't dropped more because of my credit?
I'm sorry if this question doesn't give the impression of being clear, having a little trouble phrasing it, lol. If you requirement any clarification then just ask, I'll update!
Answers:
Generally your income determines the loan amount and your credit history determines how much interest you will earnings.
Each lender has different criteria. But if his income isn't enough to qualify for the loan amount, it won't concern how high his credit score is. Credit score are more of a "disqualifier" than a "qualifier." Go get preapproved with a lender - you can ask them to run the numbers both ways.
Related Questions:
How do i grasp a mortgage if i can't catch credit because i enjoy never have credit?
Get someone who has good credit to co-sign your loan. That is how I bought my first home and my first unknown car. My dad co-signed for me. There are copious programs designed to...
I'm sorry if this question doesn't give the impression of being clear, having a little trouble phrasing it, lol. If you requirement any clarification then just ask, I'll update!
Answers:
Generally your income determines the loan amount and your credit history determines how much interest you will earnings.
Each lender has different criteria. But if his income isn't enough to qualify for the loan amount, it won't concern how high his credit score is. Credit score are more of a "disqualifier" than a "qualifier." Go get preapproved with a lender - you can ask them to run the numbers both ways.
Related Questions:
How do i grasp a mortgage if i can't catch credit because i enjoy never have credit?
Get someone who has good credit to co-sign your loan. That is how I bought my first home and my first unknown car. My dad co-signed for me. There are copious programs designed to...