my score is poor 578 is it possible to get a mortgage without a really high interest rate and should we disclose this to the lender iwork part time but have over 5 years at the same job he works more than full time and makes about 680.00 perweek sometimes more i only make 170.00 per week
2007-01-04 12:04:38 · 6 answers · asked by Sonya J 2 in Business & Finance ➔ Renting & Real Estate
Ron B is correct (don't listen to EmmaHersh....she's wrong and does not know what she's talking about)
you WILL disclose your FICO (credit) score in any mortgage loan... whether they are "No doc" loans are not.
720+ credit is the BEST you can have.
also, most lenders consider 2 years of employment in the same field (or at the same job) as stable, and that's good.
~sales rep for a mortgage lender
2007-01-04 15:13:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sonja to answer your question, No you do not have to disclose that he was incarcerated. It sounds like his FICO score is considered a Prime (Excellent) and your score may have a few blemishes, not a problem. There are so many loan programs out there these days, however traditionally most lenders will take the lower of the two FICO scores and use that as the qualifying score for the loan whereas some lenders take the primary wage earners FICO score, which in this case sounds like it is your fiance. As for the income if you do not qualify for what is known as a "full doc" loan meaning you disclose all income and show proof of income, employment and reserves, you may be able to go stated/stated which means that you still disclose your employer but you "state" what you make in income and "state" what you have in the bank for reserves. If you would like more information I would be glad to help, just email me.
Clinton Shepherd
Wachovia Home Loans
2007-01-05 01:18:25 · answer #2 · answered by Clinton S 1 · 0⤊ 0⤋
If you are concerned about privacy with a credit score that high (720) you can do a 'no doc' loan as long as you have a downpayment and the interest rates are very competitive - a little higher than providing full documentation but not too much. A no -doc basically means that your credit is checked and you supply your SSN and thats about it! No proof of income etc required.
I am a Mortgage Broker for all states and my advice is free....I hope this helps.
2007-01-04 20:57:15 · answer #3 · answered by EmmaHersh 2 · 0⤊ 0⤋
His credit score will get a good loan. You will not be on the mortgage, but can be on the deed to the property. The trick is to get a good mortgage broker. One that works with government loans as well as public lenders. With his score there are plenty of programs that will get you a house. The only issues will be how much experience he has in the field he works, your debt to income, and amount of money down.
2007-01-04 21:14:09 · answer #4 · answered by Ron B 3 · 0⤊ 0⤋
Ron B is right on the mark he will get a home with no problem, and should get a great interest rate, his incarceration is nbb!
2007-01-06 09:41:34 · answer #5 · answered by bodacious baby 7 · 0⤊ 0⤋
It isn't necessary for them to know he was incarcerated
2007-01-04 20:22:54 · answer #6 · answered by glamour04111 7 · 0⤊ 0⤋