what type of morgage can we get? 150k?

Question

My husbands income is about 35,000and mine is 15,000. our credit is not great and we are looking to 100% finance. Is there any hope for us??

Answer 1

Get pre-approved for a mortgage and see what the bank offers.

Answer 2

No one else is saying this so I will -
don't do it. Just because a bank gives you a loan for this amount doesn't mean it is good for you. If you have no money to put down and you are mortgaging yourself to the max it could be your downfall. You need some money somewhere to handle all the unexpected things - repairs, job lay-offs, car problems, hospital bills, etc. If you really want that house go out and get a second job for the next six months. Sock away every extra dime and come up with at least a partial downpayment. Make sure you have an emergency fund. I know its hard but I've been there and I would never counsel anyone to go back into the situation. It is miserable.

Answer 3

I believe your income is low enough to qualify for a government program that aids home buyers by offering lower than usual interest rates, and sometimes "grants". Check your state's housing department for more info.

I think $150k is in the realm of possibility if you can qualify FHA (no lates in the past 12 months, collections of no more than $1000 with no single item above $100). There is even a way to do 100% financing on an FHA by taking advantage of a loophole in the FHA rules. Good Luck!!! If you have any other questions just email me ... I am not trying to sell you a loan!

Answer 4

It is definitely not impossible. I have heard of a program recently that will allow 100% with a fico of 620 or better... that is a fair FICO score... nothing spectacular. If you think you may not qualify, your lender can give you suggestions of what to do to get your FICO up (pay off that high interest credit card, focus on paying down your car, etc) Take their advice and work on it... I saw my FICO jump from 640 to 675 in 3 months just by paying about $1500 off in my credit cards (results will definitely vary, lots of factors go into this).

Also keep in mind that there are wonderful 1st time buyers programs out there that vary from town to town. If you are unaware of any in your area, find a lender that specializes in 1st time buyers and the area you are looking in. Chances are, if they don't know of any, someone in their office may. Also, certain professions (such a police and teachers) are offered special programs to assist with buying a home.

And, REMEMBER you can ask for closing costs! It is a buyer's market! Get the seller of the home you want to purchase to pay up to 3% of the purchase price for closing costs (what most lenders will allow).

Good Luck!

Answer 5

100% is not impossible to find but is very difficult to get all the way to closing.

The office I used to work at does not even do business with any wholesale lenders who offer 100% any more.

It is much easier to get a 5% down loan to actually close. You will have some expenses either way and could end up paying for the apraisal, inspections, and other up front costs and failing to close.

FHA 3% loans are the closest reliable choice, right now, but things change quickly in the industry.

Answer 6

Yes there is hope if you don't have much debt, a recent bankruptcy, a lot of recent collections, you're salaried employees, and you've been in the same line of work for at least a year.

Answer 7

Depends on the amount of debt you have, if no debt and some downpayment, and closing costs yes. If swimming in car payments and credit cards then most likely no.