Would we qualify for any bank loan with this situation…?
I currently have a mortgage with a balance of $ 95,000 and I’m renting it out now. I make $ 35,000 a year and have great credit score in the 800s with no negative credit history. I want to purchase a house with my fiance who makes $ 88,000 a year and currently has a mortgage with a balance of about $ 150,000. His credit history and score is tops like mine in the 800s or even higher. But we plan to sell his current house and pay off the difference and use the remaining money from the purchase of his house to buy another house. If, say we want to borrow $ 300,000 will we both qualify for this loan amount? Or would it be better if I am not on the application with him, since I have a $ 95,000 loan already. Thanks in advance for any feedback!!!!!
I mean to say we plan to sell his house that still has a balance of about $ 150,000 and use a portion of the money from the sale of the house to pay off the loan and the rest of the portion for a new house.
My fiance also has investment accounts and 401ks worth about $ 200,000.00 also.