Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question How long should we wait to get a house with two car loans? Can we even get a Loan for a house? My fiance has a car loan in her name and we have a truck in both our names. We both have secure jobs that we have been at for a few years. She has good credit... I am working on my credit currently and her father who is going to co-sign on the home loan has okay credit. What would we have to do in order to get a good chance at a loan approval?? By N8 Posted on 07/09/08 Total Answers 3 Answers- Your mortgage approval is going to be based on your debt-to-income (DTI) ratio and your FICO score. You need to be below 40% DTI and this is based on the monthly payments reported in your credit file. If you have any credit cards you need to pay them off and keep them at $0 until you get your mortgage. This will report your monthly payment as $0 and reduces your DTI. It also boosts your FICO score by lowering your balance-to-limit ratio as well. Answer by : Dave On Date 2008-07-09 20:57:54 Your question is not detailed enough to give an exact answer, but a home loan officer looks at your credit score, a two year job history and your debt ratio (income vs. debt/monthly payments on credit). Without getting too technical. You will need a minimum FICO score of 580 (for $0 down) for anyone signing on the home loan (FHA guideline) Second is income vs. debt payments. Most require a ratio of about 43%. You could go higher if you have money to put down or assetts in the bank to make the bank feel better protected. If you make $2000 gross/month and have a car payment of $200 and a student loan payment of $50 you would qualify for a house payment of $610/month (PITI). Car payments only effect you in that by adding another $150 car payment you could only qualify for a house payment to $460. (math, 43% of $2,000 is $860 in total debt payments, $610+200+50=$860) If the house you want will have a payment of more than $610, you will either need to add your spouse (if they have a score of 580+) or add a cosignor to add income and lower the debt ratio. If you need more info visit www.scottbrauer.com Answer by : Scott B On Date 2008-07-09 21:11:54 You should be able to find a good loan for both with a little legwork. Check out Loan-Com.info and do a search for auto loans and mortgages. They have tons of loan lenders available at reasonable rates and affordable terms. Answer by : Gary H On Date 2008-07-10 16:56:24   Go Back To Search Results