My husband and I have lousy credit but make good money. My best friend and his wife have the same problem. Neither of us can get approved for a mortgage on our own. I am wondering if there are mortgages out there where more than 2 people can own a home. We are both renting in the same apartment complex right now and we practically live together anyway, but we really want out of here and want a place of our own. Any information you can give me would be greatly appreciated. Thanks!
2006-07-02 05:10:53 · 10 answers · asked by lisat41475 1 in Business & Finance ➔ Renting & Real Estate
I work with a lender that will average the scores of all the borrowers. If they're all bad, it won't work, but if the average of the scores is enough to qualify you, you could be in luck. The rate won't be as good as it could be if you had good credit.
Also, if the four of you can come up with a down payment it will increase your chances.
Don't give up. Get the facts from a mortgage broker. Start saving for a down payment. Start repairing your credit.
2006-07-02 07:36:08 · answer #1 · answered by Anonymous · 3⤊ 0⤋
In my state it is possible for two couples to get a loan secured by a mortgage or Deed of Trust. However the lack of good credit is still a problem. Normally if you can come up with a down payment and keep looking you will come up with something. What you need is a seller who will help. They might even carry the loan. An aggressive real estate agent will also be helpful. One of your big problems will be zoning. Two couples will probably require multi family zoning.
You definitely need a good written agreement at what happens if the couples don't get alone or there is problem with the individuals in a couple. The agreement should cover all that you think could happen in the future. Remember if nothing else someone could die, become disabled, etc.
2006-07-02 12:19:21 · answer #2 · answered by unknown 2 · 0⤊ 0⤋
You can if you make yourselves into a CC (Closed Corporation) which then makes u into a business, and in terms of the business you might be able to get a mortgage.
2006-07-02 12:14:31 · answer #3 · answered by Sheila B 1 · 0⤊ 0⤋
yes, all four of you can get a mtg together. the property will be deeded to the 4 of you equally so you are kind of bound to each other are you sure the friendship can take that?
2006-07-02 13:55:40 · answer #4 · answered by re_love1 3 · 0⤊ 0⤋
Yes it is possible, a little complicated, but still doable. Just consult a property lawyer and he or she will givr you all the details.
2006-07-02 12:15:35 · answer #5 · answered by Ricky J. 6 · 0⤊ 0⤋
I don't think you can,four bad credits are just as bad as two ,if you could find owner finance they might let you
2006-07-02 12:16:30 · answer #6 · answered by grayladygranny 3 · 0⤊ 0⤋
Possible, but if you all have bad credit not likely.
2006-07-02 12:14:19 · answer #7 · answered by wmp55 6 · 0⤊ 0⤋
well I think so it won't hurt to ask
because it might inprove your credit rating
2006-07-02 12:16:25 · answer #8 · answered by n K 4 · 0⤊ 0⤋
Yes, it is
2006-07-02 12:16:40 · answer #9 · answered by answer annie 5 · 0⤊ 0⤋
yes i think its possible
2006-07-02 12:14:35 · answer #10 · answered by sarah 3 · 0⤊ 0⤋