I have terrible credit....my FICO sore is under 500. My fiance' has great credit, but won't qualify for the full amount on her own, and we want to but a house. i obviously will not get financed, so is it possible, even with my terrible credit, to get financed for my half of the mortgage with a great co-signer (my father), or am i just grasping at straws? by the way, the house we want to buy is owned out-right by her father and HER(he paid cash for it), so does that present any other options, where my name can be on the mortgage, not just the deed?
2007-09-10 05:24:40 · 5 answers · asked by beechjb 2 in Business & Finance ➔ Credit
Maybe you can get her father to do owner financing.
2007-09-10 05:32:37 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
I don't know if this is the same in the state you live in...but in Oregon where I live...I have bad bad credit and my husbands is pretty good... However here, they use the median score of the person who makes the most money, and the other person is just on there for income. So because I make more than him, they use my credit score and have him on there for income only to get our income high enough.
So if she makes more than you, this might work. I would suggest calling a bank in your town and telling a mortgage lender your situation. Also Oregon has this Oregon Bond Loan for people with not so good credit, so look that up- it is a federal progam, so your state will have one too. And they will give you 3% down payment..
2007-09-10 13:42:11 · answer #2 · answered by SisterSue 6 · 0⤊ 0⤋
One option is for the future father in law to sell it to you on a land contract. A 2 or 3 year period would allow you time to get your credit situation resolved. If he needs cash, see if he ,and your fiance could refinance (cashout), and you can rent w/option to purchase. I hope this helps, Good Luck!
2007-09-10 12:47:28 · answer #3 · answered by diesel6999999 3 · 0⤊ 0⤋
Depends on state laws but since it is owned outright why not just pay owner and he could finance by owner if not yes your dad could co-sign for you if you make payments on time will help your credit in future
2007-09-10 12:35:02 · answer #4 · answered by Rick K 3 · 0⤊ 0⤋
The more money you have for a down payment, the less your dredit score matters.
You can also do a lease option. You rent the house for two years and part of the money goes to the down payment.
2007-09-10 17:00:29 · answer #5 · answered by ralph 5 · 0⤊ 0⤋