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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?

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

How many of you are going to go on the mortgage? The lender will only consider the incomes of those legally obligated under the mortgage so if your mother isn't going on the loan they won't consider her income (unless she is going to rent a room from you or something possibly).

Good work on getting your debts down - this will help I'm sure, but the real keys are going to be how much you want to borrow and what your other financial commitments are.

Credit score isn't going to do you any favours, but if all three of you are going on the loan, or if your mother has significant assets and is willing to act as guarantor you should be able to swing a loan provided you are willing to do some looking around.

Like i said though - the key is going to be how much you want to borrow, and what equity you might have, so if you have some cash o put down that'll help.

theofaulhaber · Posted: Thu Oct 22, 2009 2:11 pm Post subject: Do you qualify

From what i've read so far, you should be fine. Unless it's a HUD home, you will be required to put 3.5% down. If you don't have those funds available, FHA guidelines allow a gift from a family member.

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