My boyfriend is thinking about taking out a mortgage......?

Question

I am personally in the middle of a bankruptcy, so I know I would not be able to get on the mortgage. However, I am going to help pay for it because we know we will be spending our lives together. Is it possible for him to get a loan with a fico score of 600 and a yearly income of about $24k? If I could get on it with him, we would have a combined income of about $49k, but like I said I'm pretty sure thats not possible. Any advice would be fantastic, right now we're just exploring out options. Thanks in advance! PS We're looking to buy a condo in Portland, OR, which average prices are around $200k.

We're looking for a loan around $130k

Answer 1

Even with $49,000 annual income, you'd have a hard time meeting the payments on a $200K+ mortgage if you have any credit card debt at all or a car payment and insurance. You Might qualify for a $65000 loan.

Whatever you do, be sure to get a fixed rate mortgage, not an adjustable rate, if you do manage to be approved.

Answer 2

With what I know, in order to obtain a loan, his credit score should be higher to obtain a mortgage. The lower your score is, the higher the interest rate will be. My credit score is over 640 and I make more than your boyfriend and I couldn't get a loan for $118k here in Ohio. They didn't want to bother with me until me score can be brought up to 670. And being in the middle of a bankruptcy, they will NOT allow you to be on the mortgage. $200k seems like too much of a mortgage for a couple that makes only $49k combined.

I have pasted a link below, that can help you determine how much of a payment (mortgage) you can afford. Or you can just google mortgage calculators. This can give you an idea of where you two stand, if you had good credit etc.

Also , don't be afraid to talk to mortgage brokers and Realtors, they can give you tips as well.

With all the foreclosers lately, they are making it harder for people to obtain loans.

GOOD LUCK!

Answer 3

Your boyfriend probably will not get a 130,000 loan with a FICO score of 600 and a yearly income of $24,000. Even with your joined income of $49,000 annually that's probably not likely.

To put it into perspective: My BF and I purchased a townhouse and took out a $140,000 loan. His FICO score was just a little over 700 and mine was just a little bit under. Our annual income is $65,000 a year and we were approved for $180,000.

Even if you did find a loan you'd be looking at a $1,000 a month mortgage plus (if you're looking at a condo) anywhere from a $150 - $400 association fee.

Answer 4

The outlook is gloomy, sorry to say. Also, you really need to think twice about buying real estate with someone to whom you are not married. Bad idea, no matter how you feel right now. I'm an appraiser and see bitter break-ups all the time. If you do find a lender who'll give you the loan, the interest rate will be astonomical. Rent for a while, get married, improve the credit score and save up cash for a downpayment. THEN go buy something.

Answer 5

Well dump this dream down. Would also depend on what other bills you have You in bankruptcy takes you out of the equation, Hime with only an income of 24K and a low credit score removes him. Unless you have no debt and 20% down do not see you eligible for 50K much less 200K. Clean up your credit and get better jobs.

Answer 6

so, he is thinking about a mortgage.well, thats good,but since you are not married, I would advise against entering into any agreement with him on th is,and because your doing a bankrupsy your name isnt going to be able to be on it.
the real estate market is bad right now,and lenders are being VERY picky. with his credit score being low like it is,and the low income he has - there is no way he is going to be able to afford that,,
even with a combined income (and they wont count you because of the bankrupsy) there is no way you could afford it.
i suggest you wait a year or two - continue renting - put some money aside - your bankrupsy will be done,and then if you two do stick it out and get married, then go buy a house so that both your names can be on it.

I have a $72,000.00 mortgage and my payments are over $800 a month - that doesnt include any of the insurances

Answer 7

His credit score is ok (and I do mean ok, not great), but your income cannot be considered on his mortgage application, not to mention that even combined, you’d be spending close to half your take home for the mortgage alone, and that’s a horribly high percentage. $24K/yr is 2,000/mo before taxes. A mortgage on a 200K would easily eat up his gross pay.

Answer 8

How would you make the payments on a 200k loan?. I assume that you are talking gross at 73k total. Think about the loan officer and him trying to explain why he made the loan .. It won't happen.. Check and see what the payments would be and put into a savings account that amount every mo. without fail for a year (never toughing it) and see how it goes. His 2000 per mo probably nets him about 1600 per mo. How little can you live on?

Answer 9

DO NOT enter into any financial agreement with ANYONE. You need to get your business together, then with a "relaxed" mind, you will be able to conduct your business extremely well. This I would even do with a husband. If you move forward with this, then have a lawyer prepare a "legal document" to indicate your contribution to this mortgage. I don't care who you love, if they are sincere, then they will be happy to know that you also have common sense. If the other half, balks at your doing this, you had better "smell" the coffee, because it is "burned." I wish you well. What shall we then say to these things? If GOD be for us, WHO can be against us? - Romans 8:31. The Lord daily loadeth us with BENEFITS, even the God of our salvation. Selah. - Psalm 68:19. Peace, Love and God Bless.

Answer 10

well a mortgage on 130k is around 1100 month plus your other expenses and condos require a monthly maintenance fee that range from 150 to 400 dollars or more a month depending on the needs of the home owners association.