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 jeffjbar
Joined: 22 Jun 2009
Posts: 4
0.61 Dollars($)
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 Posted: Mon Jun 22, 2009 2:30 pm Post subject: Fha loan help |
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I know this has probably been covered before but here is my situation..
Credit scores eq 621 exp 644 transu 637. I am self employed and can verify only about 30% of my income. I know that I will not qualify for a 115K loan with my tax return info. My mother has offered to cosign for me her income is more than adequate to meet the requirements and credit score is somewhere around 800. Is this an easy one, or am I going to have a tough time trying to financed. Thanks in advance. |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Mon Jun 22, 2009 5:28 pm Post subject: |
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jeffjbar
Welcoem to the forum
You ahve a good good credit score to got for FHA loan. if income si the problem, the your mother co-signign it will absoutley help you.
But rememebr, bot of you will be responsible for the loan
Good luck and feel free to ask |
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jeffjbar
Joined: 22 Jun 2009
Posts: 4
0.61 Dollars($)
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| Posted: Tue Jun 23, 2009 12:58 pm Post subject: |
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realgeni
thanks for your help. |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Tue Jun 23, 2009 9:59 pm Post subject: |
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Glad to help
Good luck |
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jeffjbar
Joined: 22 Jun 2009
Posts: 4
0.61 Dollars($)
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| Posted: Wed Jun 24, 2009 7:10 pm Post subject: one more question |
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Went to the bank today and was told that since I have only been self employed for 1.5 years that my income could not be added at all and my cosigners income would have to carry her debt and mine. Is there any way around that or is that the way it is? Thanks in advance.
on edit: Also I have heard that if you owe less than 10 months on auto loan that the payment would not count toward your monthly debt. Is that true? |
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