Posted on: 14th Jan, 2010 04:31 pm
my wife has a credit score of 620,an my father in law has great credit an is willing to co-sign,would we be able to get a home loan for 55,000.mine an my wifes combined income is around 35,000-40,000 a year her
you could try to go FHA.
I see that your wife has a 620, but what is your score.
Other things to consider aside from credit are your debts compare to income. If your credit doesn't meat the qualifications, they would not be able to use your income b/c you could only be on title, not the loan.
FHA is the only option for non occupant coborrower/co signer.
It is worth sitting down and meeting with a lender to go over all your options and to properly qualify you.
I see that your wife has a 620, but what is your score.
Other things to consider aside from credit are your debts compare to income. If your credit doesn't meat the qualifications, they would not be able to use your income b/c you could only be on title, not the loan.
FHA is the only option for non occupant coborrower/co signer.
It is worth sitting down and meeting with a lender to go over all your options and to properly qualify you.
Yes, you should apply for FHA( Federal Housing Administration) Loan.
elnoralittle has made wise suggestion you may think it over.
Thanks & Regards.
gunz.ijjistaff
elnoralittle has made wise suggestion you may think it over.
Thanks & Regards.
gunz.ijjistaff
If you buying home first time in your life & you have not own any property then you will be eligible to get First Time Home Buyer Tax Credit Advantages.
Thanks.
Thanks.