When buying a home for the first time, what is a good finance company and.......?

Question

My husband and I are looking to purchase our 1st home. Although, my husbands credit score is in the 550's area, which means most companies will not finance 100%. My credit score is around 660 and many companies will finance 100% with my score. But he is working and I am a stay at home mom that sells makeup and other products on the side. Basically, I make very little to no money, and he makes the income. Do the finance companies have to use his credit? Can they use mine? Any good companies out there that accept the wives credit, even if there husband makes the money? Any other suggestions??

Answer 1

For the good finance company, your local credit unions are non-profit and the profits they do make are distributed as dividends back to the members (aka account holders), so they're usually not out to rape you for cash.

As far as qualifying, you're mixing credit indicators. What they're really going to want is the income earner to have the good credit. Even with your credit in the mix, they're going to put the weight on the income earner. You're probably best sitting down with someone to talk about your situation in person rather than just having someone look at your numbers from an application. Fannie Mae sets a lot of the standards for what makes an acceptable mortgage, so surfing their site might provide some clues.

Buying at 100% financing has got huge wads of application expenses, ongoing higher interest rates, and PMI fees that only the mortgage company benefits from. Lots of companies will finance you at what's called an 80/20 which is two separate loans, but the 20% loan is always a couple points higher in interest rate than the 80% one. It sounds like perhaps you should consider saving a bit more down payment and use that time to work on the credit rating.

Answer 2

Before you move any additional you have got to study approximately the distinctive types of mortgages in the market. There are plenty of persons now loosing their properties becaue they didn't save accurately whilst purchasing their house. Finance businesses generaly don't lend cash for properties. Banks do manage the transaction however the mortgage isn't from the bnk. You additionally will have to be conscious that in recent times there were one of the most loan preserving businesses that experience long past bankrupt. Buying a house isn't the identical as a TV or refrigerator. If you have no idea then uncover anybody that does recognise and be sensible.

Answer 3

Well, you CAN apply in your name only, so that ONLY your credit score is used, but you will have no income to show concerning how the mortgage is to be paid.

Since your husband is the apparent breadwinner, he will have to use his credit, at a minimum, to obtain a mortgage.

Answer 4

Try countrywide, I was in a similar predictament. They work with us and we got an awesome rate for 1st time buyers.

Answer 5

try for an FHA loan