Ok, so I have a low credit score with just a few outstanding items on my credit report I just started a job, My husband makes good money but he has a forclosure on his report so I would have to be the one to purchase a home, Anyways I dont really make that much, will they also consider my husbands income even tho he can be on the house?????
Help me please
2007-08-21 07:39:23 · 5 answers · asked by joey75 2 in Business & Finance ➔ Renting & Real Estate
I would start with a local non-profit housing agency. They can help you prepare to purchase a home by reviewing your credit with no strings attached.
Check with State and Local Housing Authorities that may help as well. These are located in Community Development offices both state wide and locally.
Most lenders will require that you have at least 2 years since the most recent foreclosure. You may still be able to qualify for a loan; however, be careful to watch for fees. The easiest way to see if you are getting charged too mush is to look at the Truth in Lending or TIL disclosure that is REQUIRED by Federal law to be mailed to you 3 days after you have applied. When you call a lender, they will tell you the best RPA (Rate per Annum) they can give you based on your circumstances. The TIL will show the APR or rate the lender will realize if your loan fully amortizes. The gap between APR and RPA should NOT be very large without a detailed explanation.
2007-08-21 08:19:20 · answer #1 · answered by dramboldt 2 · 0⤊ 0⤋
Whew. Call a mortgage broker and see what they have for you. The issue is the foreclosure. The idea of bankruptcy is better than the foreclosure because it cleans the credit. You see? If you are doing the same kind of work over a long time it won't make a difference so much about that point. They will probably still want to pull his credit. They will also want to know what you have been doing about paying your housing expense in the past year or so. If that is clean then you MAY be in a position to discuss this. M A Y! That foreclosure is a bite. Good Luck!
2007-08-21 22:58:08 · answer #2 · answered by helprhome 5 · 0⤊ 0⤋
You have to clean up your credit report. Bring that score up. Maybe, after you get more work time in, you can. Pay, off those outstanding items. But, not right now, especially since you don't want them to consider your husbands income.
2007-08-21 14:49:33 · answer #3 · answered by That one 7 · 0⤊ 0⤋
You are going to have a lot of trouble getting a mortgage in the current climate with less than ideal credit and income
2007-08-21 15:11:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Can't use his income without using his credit.
2007-08-21 14:44:32 · answer #5 · answered by ? 4 · 2⤊ 0⤋