Hello, I'm looking to buy a home in the next 3 months(Los Angeles,CA). It would be me with a gross income of 3,000 a month with a 771 credit score, my husband with a gross income of $8,000 and a credit score of about 650, my dad with a SSI of $1000 a month. We have two car loans, a total of $18,000. One is a monthly payment of $370, and the other of $220. Credit card dept of $500, with a limit of $5,000. So the total gross monthly income is around $12,000 with monthly payments on debt at around $650. We're first time buyers. I'm wondering what is the amount that we need to lower our debt to in order to qualify for around $400K.
Read more: What is the debt to income rate to get a 400k mortgage?
