Credit Card Debt Mortgage

My credit score is about 605. I have several credit cards with balances near the limits (about $45k), but no other credit problems. My wife's credit score is about 640, with little debt, but some delinquent accounts from a few years ago. If my wife got a personal loan for, say, half of my credit card debt, how long would it be before my credit score went up, and how much would it be likely to go up? We want to buy a house soon (next month or two); would it be better to apply for a mortgage now on my wife's credit, or try to get my credit score up?
Montly income (gross): $7300
My wife's delinquent accounts are paid, they're just still on her credit report. All of her recent accounts are up-to-date.

You do not say what your monthly income is. Mortgage companies look to debt ratios to determine your ability to repay. Thus, you need to take your total monthly obligations and divide by your total monthly income in order to determine your debt ration. Include your prospective mortgage payement in this calculation.

Even if your debt ratio is too high, you should be able to purchase a house together. The way to do this is to have only your wife on the Note and both of you on the mortgage. This is not an uncommon occurrence and most mortgage companies will allow it. If yours doesn't , shop around.

Good luck.

2007-04-02 04:17:32 by Stephen C

www.bills.com Is refinancing your mortgage the best way to pay off your credit card debt? This mortgage refinance video from Bills.com reviews the ...

I want to know if the law provides for a way to erase credit card debt legally, and if there is a legal way to erase a home mortgage.

You can look into filing bankruptcy. It will be a huge negative mark on your credit report and can remain for up to 10 years. However you can still get credit after your bankruptcy. It will be harder, but not impossible.

2008-10-09 20:56:34 by boots

Price: $9.95

Hoping to buy a home soon - we need to qualify for 145k. Is it possible when we have 6k in credit card debt (payments $200/mo) and a $320 monthly car payment? Combined we make $5200/month (gross)... His credit score is 650 and mine is 775... Any insight is much appreciated!

It all has to do with your debt to income ratio. Different lending institutions use different methods to calculate this. Usually it's around 35%-40% of your net pay, meaning add up your monthly payments for all debt, not utilities, and compare this sum against 35-40% of your net pay. If you already exceed this amount, you will be overextended. Ever how much below this amount is how much room you have for your new home monthly payment.

2008-04-16 16:27:48 by niccoconuts332

Price: $8.95

I am looking to buy a property in Columbus, Ohio. I have been approved for a $50,000 loan (Not looking for a fancy house, just something small that suffices my needs), but I have slightly over $7,000 worth of credit card debt. Is it possible to buy a home for, let's say $40,000, and then increase my mortgage to $47,000 by adding my credit card debt to the loan?
Is there any possible way to do this?
Thank you in advance!!!!!!!!!!!
Also, I'm a first-time home buyer
--I don't have student loan debt.
I only have Credit Card debt.

No you won't be able to because a mortgage is a secured loan. You won't find a lender that will lend more than 100% of the home value. If you don't have 20% down you'll pay pmi as well. Pay off your credit card debt, save some money up for down payment and get something where the payments are no more than 30% of your take home pay.

2009-01-31 02:24:09 by Bobby

What's the amount your in Hock for? What are your job prospect etc?

I graduated from the University of Southern California in May. With a generous University grant, a part time job, and student loans I was able to put myself through college (my parents were not in a position to help). I came out with 17,000 in subsidized (govt paid the interest while I was in school), 1,700 in a loan from the school (to pay for the added expenses of freshman year room and board which were required and more expensive than the apt I moved into later on), and 800 in credit card debt.
I make 30 K a year as a Sales Assistant at a major television network. I live in Los Angeles. My rent is 800 a month, and with my car loan, car insurance, gas, etc., I was just making it on my salary. Because my students loans are due (and I was sick of eating every meal at home, shopping at thrift stores, worrying about overdrawing on my bank account), I had to take a second job tutoring to cover 200 in loan payments. I am paying off more than is required on my graduated plan, but if I stuck with my payment plan (payments spread over 15-20 years) I would have paid almost 10 K in interest.
I work 12 hours a day 4 days a week and 6 hours on Saturday. My day job requires me to work overtime/stay late/take work home so that I can "earn the right to be promoted", and I tutor about 15 hours a week. I am constantly exhausted, depressed, out of shape (no time to exercise), don't have time to cook (its whatever I can eat at lunch or grab/microwave while driving from job to job, my apartment is a mess (because on Saturdays when I get home I'm exhausted and Sundays I usually am in bed with a headache all day). I haven't been out with friends for more than 3 hours in the last month.
If I can tough it out for 2-3 years, I can get promoted and I'll see a huge jump in pay and responsibility. Right now, my job is horrible and I enter data/file all day/answer phones/get yelled at by clients all day. It's depressing to waste the degree I worked so hard for.

2007-12-12 11:14:13 by bulabate