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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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and that is so unusual
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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| Looks like that George |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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thank you so much sonny
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Joanna
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| My husband and I are thinking of buying a home within the next year or so. He's been at his most recent job for less than a year, his transunion score is 627 and he makes about 25,000 a year. I'm currently unemployed with a transunion score of 617. We've paid off all our credit cards and have just a $350 car note. My mother has a fico of 681, makes about 35k a year and was recently approved for a 90,000 mortgage on her own. She decided that she'd rather help us buy a home. With these numbers do you think its possible to qualify for a FHA loan of 130-150k with her as a co-signer? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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To Joanna,
Both you and your husband have credit scores, which are enough to help you qualify for an FHA loan. But his income is not too much to help him get a loan of a large amount. The fact that you do not have a job does not help him either. In a situation like this, it is worth your while to look for a co-singer, who will help you with his/her income. Your mother has good income and that can really help you and your husband in qualifying for a loan. However, if she has too much of debts, it can increase you and your husband’s debt to income ratios and can prevent you from qualifying. If she does co-sign on the loan, what will be the combined debt to income ratio? |
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Joined: 29 Sep 2009
Posts: 6
Location: 520 Broad Hollow Rd, Melville, NY 11747
1.84 Dollars($)
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Post subject: CREDIT SCORE AND CO-BORROWER REQUIREMENTS |
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The idea behind a co-borrower is to make the loan stronger. You want the co-borrower to have as little debt as possible and enough income to help meet the requirement for the loan size. Credit score requirements differ from lender to lender. The standard is 620 but, I know of several lenders that finance loans down to a 550 credit score including my company. LAJ, depending on what's on your husband's credit; he still might be eligible.
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Theodore (Ted) J. Faulhaber
Mortgage Specialist
(FHA,FANNIE MAE,VA,GNMA)
O#) 800-707-5626 x 1215
F#) 631-944-9611
Lend America
520 Broad Hollow Rd,
Melville, NY 11747 |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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with fha loans, at least in our area, we find that people are using cosigners purely for debt-ratio qualifying, not necessarily to make the loan stronger, as you suggested, theo. does it strengthen a little? yes, but not because the cosigner has any notion of making payments or contributing to the monthly tab. in this case, i think the mom as cosigner will do precisely what you are looking to do, joanna, and that's to enable you to buy a home for which you'd otherwise not qualify.
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Jody84
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Hello, I am looking to purchase a home using FHA ASAP.
My husband has 2 vehicle repossions on his credit (from his ex-girlfriend) so his credit is a 593 (income is 35k) and after speaking to some lenders they told me he would NOT qualify for FHA because of the large collections on his credit report.
I have a middle score of 654, however my income is only 16k per year (I'm going to school parttime) so I was considering having my father as a co-signer, his credit is a 735, income is 45k....But here's where Im confused...
He already owns a home using FHA, he owes about 26k. Can he still co-sign for me?
Or could I used my husbands income without having him on the loan? Maybe I could have him write a letter stating he pays me 500 per month?
Thanks for any replies! |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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If your fahther already has FHA lona in his nmae, he may not be able to help you by co0signing the loan
He may not qualify |
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Jody84
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| Thanks, do you know If I could count anything my husband gives on a regular basis me as income? We have a child and are married. |
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Jody84
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Opps that should say..
Thanks, do you know If I could count anything my husband gives me on a regular basis as income? We have a child and are married. |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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Nope
Your husband needs to co-sign for that be accounted for? |
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Jody84
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| Are you serious? So how do mothers getting child support report that income when getting a home? |
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Jody84
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| Are you serious? So how do mothers getting child support report that income when getting a home? |
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Jody84
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| Are you serious? So how do mothers getting child support report that income when getting a home? |
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