Posted on: 25th Dec, 2012 09:45 pm
Looking for a first time home buyer loan. Since I have only been at my new job for 10 months we obviously have to have my wife take the lead when I apply for the loan. Now, if we do this I would hope she qualifies on her own. If not, we can still factor in my income as well correct? Also, since her score is quite a bit higher than mine they will do an average correct? She's at about 745 and I'm around 670.
Hi jessy,
It will be completely the lender's discretion whether or not he will allow you to co-sign for the loan when you don't have 2 years of employment history.
Take care
It will be completely the lender's discretion whether or not he will allow you to co-sign for the loan when you don't have 2 years of employment history.
Take care
Given your wife's score she should be able to qualify for a loan.Make sure that she has proof of employment for the past 2 years at least. As for your score being considered, then well it's for your lender to decide. You can only be associated with the loan if you co-sign for the loan.
Is this your first job? Lenders will ask for emplooyment records of past 2 years. If you have proof of that, then you may be eligible for an FHA loan, if not a conventional loan. Credit score required to get approved for an FHA loan is 620.
Given her credit score of 745, she will be eligible for a conventional loan too. But she has to provide the proof of continuous employment of 2 years.
All lender will want a 2 year employment history. If you just graduated college and are working in similar line of work, then the lender can use the college transcripts as work history. You would only need to show your tax returns and atleast 30 days of paystubs. Good luck
Jessy2;
Lenders will use the lowest middle credit score in order to qualify a borrower for a loan. Therefore, if your mid score is lower and you are on the mortgage, your score will be used for qualifying purposes. I would need a little more information regarding your job situation to determine if it is usable. Please feel free to contact me and I will be happy to pre-qualify you and your wife.
Best Regards;
Dmitriy Bleynis
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Lenders will use the lowest middle credit score in order to qualify a borrower for a loan. Therefore, if your mid score is lower and you are on the mortgage, your score will be used for qualifying purposes. I would need a little more information regarding your job situation to determine if it is usable. Please feel free to contact me and I will be happy to pre-qualify you and your wife.
Best Regards;
Dmitriy Bleynis
[Promotional content deleted as per forum rules. Thanks.]