Posted on: 28th Dec, 2012 07:30 am
Hello,
I really need some help... Me and my girlfriend live and work in NJ, we both have jobs that weve been on for over 2 years, our credit scores are less then perfect in the mid to low 600's. Our monthly income together is about $78,000. Her parents, sister and sisters boyfriend live in Kennett Square, PA. We are planning moving there and living all together. My question is, Is it easier to get a loan all together? Just me and my girlfriend? Also, since we are moving is that going to affect anything on the loan, since all the proof we are going to show is from NJ. Im really so new at this and have no idea what Im doing, but this is such a big dream we have and would love to make it come true. Any help is much appreciate. Thank You
I really need some help... Me and my girlfriend live and work in NJ, we both have jobs that weve been on for over 2 years, our credit scores are less then perfect in the mid to low 600's. Our monthly income together is about $78,000. Her parents, sister and sisters boyfriend live in Kennett Square, PA. We are planning moving there and living all together. My question is, Is it easier to get a loan all together? Just me and my girlfriend? Also, since we are moving is that going to affect anything on the loan, since all the proof we are going to show is from NJ. Im really so new at this and have no idea what Im doing, but this is such a big dream we have and would love to make it come true. Any help is much appreciate. Thank You
Who is on the loan and on title, is going to be up to all of you. You can have mutlitple parties on the loan, but you may want to keep spouse/GF away from finanacing, as it is impossible to remove them later. Also, if something happens and you default, then the other credit would be saved. You are allowed to move, as long as you either stay at same job, or get same line of work.
Thanks!
But how hard is it actually to get the loan? Is it true that there is a program from the Gov. for first time home buyers? Im reaching out here even before I go anywhere else... I just want to have an idea of what to expect... Thanks!
But how hard is it actually to get the loan? Is it true that there is a program from the Gov. for first time home buyers? Im reaching out here even before I go anywhere else... I just want to have an idea of what to expect... Thanks!
Each lender will have different credit requirements, but generally, with a 620 fico, you can get a conventional loan. With a 640, you can get a FHA loan. Which loan you want, depends on the amount you wish to put down, whether any funds will be a gift. Both conventional and FHA has mortgage insurance if you do not put down 20% on a conventional, and FHA will always have mortgage insurance. The benefit of going Conventional, is there is no Up Front Mortgage Insurance, saving you money. You all need to have steady work, with 2 years employment history, funds that are in a bank account, that does not have any large deposits. Cash is not acceptable and can kill your deal if you deposit cash in that account. Having too many credit inquiries can also hurt, dont change jobs in the middle of application, dont quit, dont deposit cash. Provide everything the lender/broker ask for in a timely manner, and expect the process to take up to 2 months. Yes it can take that long, since the mortgage industry is very busy with low rates...Contatct me if you have any questions.
That was me above
Thanks! Just one last question, can I just walk up to any real estate agent, or do you advise me to any diferent type of agent to get started?
Hi pinto,
You can contact a real estate agent or a mortgage broker in order to get loan options.
Thanks
You can contact a real estate agent or a mortgage broker in order to get loan options.
Thanks
Given your credit score of mid 600 or low, you can opt for an FHA loan. Chances are quite high that you may be eligible for an FHA loan.
Thanks a lot everybody!
So yesterday I made a phone call, and I spoke with a real estate agent and a Financial advisor. Right away I got dissapointed when she said that I will only be able to do the settlement for the home when I show at least 3 months of pay stubs in PA. Is this true? I was hoping that I would take care of everything so that by the time I actually move to PA I move into my new home! Please help. Thank You
So yesterday I made a phone call, and I spoke with a real estate agent and a Financial advisor. Right away I got dissapointed when she said that I will only be able to do the settlement for the home when I show at least 3 months of pay stubs in PA. Is this true? I was hoping that I would take care of everything so that by the time I actually move to PA I move into my new home! Please help. Thank You
Pinto;
The issue the lenders will have is that your job is in NJ and you are moving to PA. While you have an established work history in NJ, the lender would want to confirm that you are able to secure a job in PA. If your job allows you to work from home or your new residence is within a reasonable commute from your job in NJ you should be good to go. Furthermore, if your company is relocating you that will also be acceptable. Otherwise, you will need to prove to the bank that you have secured a new job in PA via pay stubs and a employment contract in order to secure financing.
Regarding your fico scores, "low 600's" is a very vague statement. 620 gets qualifies you for a conventional loan while 640 qualifies you for an FHA loan.
One other option would be to have your girlfriends family co-sign for your purchase if you cant use your own income to qualify. Please keep in mind that you will be qualified based on the lowest mid fico score of all borrowers involved.
Best Regards;
The issue the lenders will have is that your job is in NJ and you are moving to PA. While you have an established work history in NJ, the lender would want to confirm that you are able to secure a job in PA. If your job allows you to work from home or your new residence is within a reasonable commute from your job in NJ you should be good to go. Furthermore, if your company is relocating you that will also be acceptable. Otherwise, you will need to prove to the bank that you have secured a new job in PA via pay stubs and a employment contract in order to secure financing.
Regarding your fico scores, "low 600's" is a very vague statement. 620 gets qualifies you for a conventional loan while 640 qualifies you for an FHA loan.
One other option would be to have your girlfriends family co-sign for your purchase if you cant use your own income to qualify. Please keep in mind that you will be qualified based on the lowest mid fico score of all borrowers involved.
Best Regards;