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mq1979 · Joined: 09 Nov 2009 Posts: 1 Location: MA 1.45 Dollars($)

My husband and I are trying to buy a house from a relative. Our relative is willing to work with us as she knows we don't even want to apply for a mortgage until March or April when we have a good amount of debt paid off. She is willing to let us "rent-to-own" the house until maybe summer when she says we'll have to get a mortgage by then.

The last thing we want to do is move in to the house and then not be able to get a mortgage!

Our credit isn't perfect but is improving. In March/April we'll have about 1/2 our debt that we're in now, paid off. My husband works a regular 9-to-5 job while I'm self employed. He also gets a housing allowance from our church as the assistant pastor. My income being self employed is on our tax returns as well as his housing allowance but a few lenders have said that we can't even include those two forms of income.

What we would like to do is try to get preapproved for an FHA loan. We need something solid to show our relative that we'll be able to get a mortgage to purchase the home this summer. If not, she will continue trying to find a buyer.

Can anyone help me out here? Can you have a co-signor on an FHA loan? Are we allowed to use the income from my business and my husband's housing allowance on a mortgage application?

Thanks!

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Complicated situation - mortgage qualification questions!