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Hi Jerry thank you so much for your help, can you tell me if the bank is going to require credit checks, financial records etc for my dad to add me onto the loan? I was under the impression I could write off the interest of the mortgage payments if we had the receipts. Sorry to bother you but this is getting more and more confusing. My dad is only trying to help me and my family out since I have been sick and my husband is the only one working right now. We currently reside in California and this would be a move to Oregon which is much more affordable on one income. n thanks again! |
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Hi,Your score being in the high 500's, you can use your score to help yourselves apply for a mortgage. The man whom your husband met is partly correct in saying that lenders use different models. However, they use different models to rate borrowers on the basis of their credit worthiness. The scores may vary because different credit bureaus may use different types of models to calculate the scores. There are also various types of scores which are determined using different models. First of all, you need to check from your husband's credit report whether it's a FICO or any other score. Then you may become the primary borrower since your score is better than his. Before you apply for a home loan, get in touch with a credit bureau for getting your husband's credit report. Then check his score and start applying after gathering information on lenders - their loan programs and the rates of interest on offer. Thanks,Jerry. |
