[tommyj]

I make $65K - $70K per year but have a credit score of 600. My wife is a stay at home mom and has a 720 credit score.Can my wife apply as a co-borrower on the loan so we can use her score to get a better rate?What do the lenders look at when reviewing bank statements? My wife and I are... reckless spenders. Our bills are always paid on time but we do make large purchases regularly, go out to dinner a lot, etc. Will this effect our chances because of "immature money management"?I'm going to receive a $17K bonus on 12/3. I was going to use this for the purchase; down payment, closing, etc. Other than this bonus I do not have any savings. Will a letter from my employer stating that I will receive this bonus suffice while discussing down payment details while getting preapproved?If we are denied a mortgage loan and go back 3-6 months later after I clean up my credit, will the fact that we've been denied effect our chances of getting a loan in the future?

[Because I Said So]

yes you should both be on the loan. so in the event 1 of you dies, the other is protected and has ownership. my bank was a total jackhole about bank statements, when we first went in they wanted 90 days of statements, then when we closed they wanted updated ones that were more recent. what they're looking for is that you're not taking in tons of money that's unexplained. your parents can't give you a big check for example toward your down payment, without explaining where that money came from. the money has to be yours for 2 months before you start the loan process. this is because the bank wants to be sure you're not borrowing money from ANYone else to finance your house. other than that they don't look specifically at what you spend your money on, they just want to know that your balance is around a certain amt month to month. yes you will probably need that letter from your employer about the bonus, and you may also have to have them sign off on something explaining that big lump sum once you do the mortgage application. your loan officer will let you know the best way to handle that.