What kind of credit or debt to income ratio do you have to have to get approved for a 175k mortgage?

I heard that almost anyone can get a mortgage these days if you have a decent beacon score. I have one, but my wife doesn't. We can't get approved! I'm trying to get approved myself right now, but we'll see....What kind of credit or debt to income ratio do you have to have to get approved for a 175k mortgage?
a lender will really be the person who can tell you what ratios and credit score you need to get approved. there are all different kinds of loan programs (FHA, VA, Conventional, first time home-buyer, investor, kiddie condos, etc etc) and they all have different rules as to who qualifies (credit score, debt to income ratio, how much buyer has in reserves, down-payment, etc etc) if you can qualify by yourself, that's great. your wife can always be put on the title later (via quit claim deed). also, your lender may be able to help your wife clean up her credit and start raising her score.





you are allowed one free credit score per year (or something like that) from each of the 3 credit unions.


transunion, equifax, experianWhat kind of credit or debt to income ratio do you have to have to get approved for a 175k mortgage?
It all depends on what loan to value you are going to use. This means how much in percent you are borrowing versus the value of the home. For a 175k mortgage at a rate of 5.5% your payment would be $993.63. Depending what other monthly debt you are carrying, I would say if you made $4000-$5000 a month you should be okay. If you would like to prequal, please feel free to contact me.





Eddie.K@gwhloans.com


818-574-7973