I'm in rhe process of trying to buy a home i found in georgia. My boyfriends credit score is 512 but he has a higher income than me. And my median credit score is 622. I'm a waitress so alot of my income is not stated. We would like to get 100% financing or if not 95%. Does anyone know someone who could help us. The homes price is 156990.
2006-11-08 14:50:19 · 6 answers · asked by pearliesmom 2 in Business & Finance ➔ Renting & Real Estate
I am not required to state all my tips just 15% of my total sales. And because i am a fulltime student i also recieve all of my taxs back.
2006-11-08 16:34:59 · update #1
First off I have to thanks you for not stating you true income. Think of the children that you lack of tax is affecting. Since you appear to have an integrity problem it seem to be no wonder why you have low credit score also since that really is based on integrity.
But you will be in good company since most loan officers will screw you also, as you come in a say hey I am cheating the man now please loan me 160k. anyways the truth will not get me 10 point for best answer so good day.
2006-11-08 16:29:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I have dealt with similar situations in the past, so I will attempt to answer your question. As you seem to know, lenders generally look the closest at the applicant with the highest income. Thus, in the vast majority of cases, a lender would use your boyfriend's credit score and disregard yours.
Obviously, this is not what you want: Not only will it be extremely hard to find a lender who will do 100% financing at a 512 score, the rate will be bad.
One option, that I have used with past clients, is not using your boyfriend's income on the application and STATING only your income. Thus, you get to use your credit score. This can be a little tricky, I suggest you find a good loan officer.
I am sorry I cannot provide more detailed advice, but it is the best I can do with the limited info I have. You may contact me if you wish.
2006-11-08 15:41:08 · answer #2 · answered by robert_byrne 2 · 0⤊ 0⤋
You may have quite a few options. I wouldn't neccesarily put your boyfriend out of the question as the primary borrower on your loan. The circumstances as to how your boyfriends credit became so low, if explainable, could allow you to go FHA. Here is some contact info for you, a good friend of mine, Marcelis Sanderson with Concord Mortgage: msanderson@concordloans.com. Tell him Momma Inzee sent ya.
2006-11-08 14:58:52 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Well you are in luck, Ive had similar clients in your situation. Because of your scores you would not have to show your incom you would be elligable for a stated program which means you show no income they just very you are employed and how long. You can get several offers with low rates and great loan programs if you log onto http://justgetaloan.net/. or feel free to contact me at 866 530 7300 my direct ext is 7305 or email me at jfreeman@justgetaloan.net
2006-11-09 12:03:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Best thing is to take a complete application and pull credit with an experienced Loan Officer.
2006-11-08 22:44:35 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I have a better suggestion.......
Rent for one year, and try to get your BF's credit score up.
If he can get that into the upper 600's your interest rate will go waaaaaay down
2006-11-08 16:11:15 · answer #6 · answered by Anonymous · 0⤊ 1⤋