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Forum
-> Household Management
-> Finances
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amother
Burgundy
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 Sun, Dec 31 2017, 9:04 pm
We have about 60k or so credit card debt from a medical need. We're paying back steadily, though slowly. We have enough income to cover rent and expenses as well as payback BH, but not so much extra-some months a little more, some a little less. Housing prices are rising fast in our area. Is there a possibility of putting down 5%, and getting a piggyback loan for the rest of the down payment and still qualifying for a mortgage? I think the credit score is about 680/700. I think debt to income payment ratio is about 50% (including rent).
So hard to be paying rent when I'd so much rather put it toward house payments, but not if that's even remotely possible...
Thoughts??
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amother
Burgundy
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Sun, Dec 31 2017, 9:07 pm
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OP here. I would consider a 2 family if that makes any difference...
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amother
Chocolate
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Sun, Dec 31 2017, 9:13 pm
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Talk to a mortage broker. This is what they do.
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amother
Burgundy
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Sun, Dec 31 2017, 9:19 pm
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Should I even call? I basically want to know if anyone has done it. If it's possible to have credit card debt as high as 60k that's being paid off and still qualify for a mortgage while only putting about 5% down...
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simba
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Sun, Dec 31 2017, 9:25 pm
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Yes, depends on your income. It definitely is counted in so it won't help but if your income is high enough then you can get around it.
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amother
Salmon
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Sun, Dec 31 2017, 10:50 pm
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Your current rental income wouldn’t be counted in the dti if you’re buying a primary residence.
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