we have just paid off one big bill and are working hard to pay off all our debts. we make approx 95,000 a year between the two of us. i know that our credit is not perfect but we are working hard on it. thanks for your input.
2007-07-05 13:45:53 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Hi. It sounds like you make a decent income, but the problem is your score. Your husband will most likely qualify for a conventional loan which means it can sell in the secondary market at the going interest rate which you can find at most banks. The limitations on conventional loans is usually 620. So most likely, your husband will have to qualify by himself for the better rate. If he cannot qualify for the amount of the loan with just his income, you will have to go with a special program call stated income loan or no income verification loan. The rate will be slightly higher but at least you can make the investment now. You would then need to work on improving your score so you can refinance in a couple of years on a regular full documentation loan to get the best rate of course depending on what the market is bearing at that particular time. Shop around and mention you are looking for this type of program where you would use your husband on the loan. You may request you be on the title but not the loan or conduct a quit claim deed once you close on the property to gain ownership interest. good luck
2007-07-05 15:35:59 · answer #1 · answered by GERMAINE G 1 · 0⤊ 0⤋
You shouldn't have any problem getting approved. Make sure you get a fixed rate and go 30 years. Also make sure it is an open end mortgage so out could pay it down. Also request an amortization so you'll know exactly what you're paying. For the first half of the life of a mortgage, you pay about 70% in interest.
2007-07-05 14:12:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
That repo desires to be paid. till this is long previous your credit supplies indication you will default on an a private loan particularly of artwork throughout the time of the priority. An underwriter would not pick to make certain that. 0% down isn't as effortless at present. sellers will pay for some final expenditures yet you nevertheless pick some money. in case you may artwork you ought to save a extreme-high quality down charge in in ordinary terms some months.
2016-10-20 00:02:57 · answer #3 · answered by ? 4 · 0⤊ 0⤋
I'm not sure what state you're in, but normally the lender will use the LOWER of your two mid scores. So my suggestion would be to have your husband apply for the loan himself. You can still be on the deed, but only his name would be on the note, but this will normally get you the 624 interest rate.
Hope this helps, SELL2K
2007-07-05 18:36:15 · answer #4 · answered by SELL2K_com 3 · 0⤊ 0⤋
You might be able to get a loan, but the rate won't be "decent" with your scores. You'd be better off to continue renting for a while and get those scores up. You should shoot for at least 680 and it will take 720 or better to get the best rates.
2007-07-05 14:13:22 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
The best way to find out is shop around and get
pre-approved. You can also find out if there are any programs for first time buyers and possibly buying your interest rate down.
2007-07-05 14:00:30 · answer #6 · answered by Grandpa Shark 7 · 0⤊ 0⤋