Posted on: 27th Feb, 2014 06:25 am
My father wants to buy a new house for staying in vacations. But 8 years ago due to bad financial condition, he was compelled to settle his credit card debt with the creditors & that might be a bad patch for his credit report. So, the question is, will he be eligible for the 2nd-home loan? If not, what are the chances for me to get that loan?
Hi Norma
There is no reason something that old would cause him to get denied provided he has since reestablished credit and has the income to support the payments. You can also be included if needed - or if he doesnt qualify possibly buy it in your name alone. You dont givee much detail so I cant say if he will or wont qualify. You need to speak to a professional directly and let them get the detailed info to have a better idea of if this will work or not. If you need help please feel free to PM or email
Take Care
Brian
Brian Barnes
ENG Lending
Nationwide Lender
There is no reason something that old would cause him to get denied provided he has since reestablished credit and has the income to support the payments. You can also be included if needed - or if he doesnt qualify possibly buy it in your name alone. You dont givee much detail so I cant say if he will or wont qualify. You need to speak to a professional directly and let them get the detailed info to have a better idea of if this will work or not. If you need help please feel free to PM or email
Take Care
Brian
Brian Barnes
ENG Lending
Nationwide Lender
What is your father's current credit score? Since you say that 8 years have passed, chances are high that the report of debt settlement might have even fallen off his credit report. If he has a significantly good credit score, he can certainly get a mortgage loan for a vacation property.
Thanks a lot *Brian for your view & advice, & *Ashley - my father's current credit score is 678...and 712 is mine :)
His scores are find for FHA and possibly a conventional loan
Either way he should have options
Brian Barnes
ENG Lending
Nationwide Lender
Either way he should have options
Brian Barnes
ENG Lending
Nationwide Lender
The credit scroes are fine for a second/vacation home purchase with a conventional loan. Minimum down payment is 10%.
One cannot purchase a vacation home with an FHA mortgage.
One cannot purchase a vacation home with an FHA mortgage.
