Posted on: 07th Jul, 2009 08:14 pm
What would be the wisest way for me to apply for a mortgage?
She has no documented income, and has absolutely no credit (not even a bill in her name)
I make roughly $65k/yr. Building a 160k house on 2 acres I already own.
My credit is barely 620ish (took alot of work to get it back that high even)
I currently feel comfortable putting $10k down.
She has no documented income, and has absolutely no credit (not even a bill in her name)
I make roughly $65k/yr. Building a 160k house on 2 acres I already own.
My credit is barely 620ish (took alot of work to get it back that high even)
I currently feel comfortable putting $10k down.
I also have no debt. I have paid off all vehicles and credit cards.
Hi Navi,
Since your wife has no income and credit history, she will not qualify for the loan. You will have to be the only one on the loan. A credit score 620 is required to qualify for a loan. If you have that score, you can qualify for an FHA loan. This will require you to put down as low as 3.5%. Since you have paid off most of your debts, your debt to income ratio should also not be too high. Thus, you do have a chance to qualify for an FHA loan. You can contact a local lender or can go for a no obligation free mortgage quote from the lenders in this community. If you qualify in terms of your income, credit score etc, the lender will get in touch with you and offer you free mortgage quotes. You can then compare the mortgage quotes offered by the community lenders and your local lenders and choose the one that suits you best.
Since your wife has no income and credit history, she will not qualify for the loan. You will have to be the only one on the loan. A credit score 620 is required to qualify for a loan. If you have that score, you can qualify for an FHA loan. This will require you to put down as low as 3.5%. Since you have paid off most of your debts, your debt to income ratio should also not be too high. Thus, you do have a chance to qualify for an FHA loan. You can contact a local lender or can go for a no obligation free mortgage quote from the lenders in this community. If you qualify in terms of your income, credit score etc, the lender will get in touch with you and offer you free mortgage quotes. You can then compare the mortgage quotes offered by the community lenders and your local lenders and choose the one that suits you best.
Hey Navi.... i think u should take a break.... i mean u hav just finished paying of every thing.... n ur credit score has just reached the minimum required... so y don't u work upon it n increase it n also u can meet lenders n talk about ur wife's documents n credits 4 a Home mortgage loan... they help before lending....
it is not possible that your wife has no credit history.
Please check with local lenders so that anyone can help you in this condition.
But as i suggest to improve your credit.
why you want mortgage on wife's name?
Please check with local lenders so that anyone can help you in this condition.
But as i suggest to improve your credit.
why you want mortgage on wife's name?
hi Navi...
you can apply for the loan on your own only... your wife cannot be qualified for the loan without any income or credit.... You can qualify for FHA loan as you have credit score of 620 and also you also have minimum down payment require for FHA loan i.e 3.5%...
all the best.... :D
you can apply for the loan on your own only... your wife cannot be qualified for the loan without any income or credit.... You can qualify for FHA loan as you have credit score of 620 and also you also have minimum down payment require for FHA loan i.e 3.5%...
all the best.... :D
navi, you can certainly seek an fha loan, as described above. your wife could provide alternative credit references (if you rent jointly, for example; or phone bills, utility bills, insurance and the like). that would allow her to be a joint signer with you.
on the other hand, it would appear, from what you've provided, that you will qualify on your own for the loan you desire to obtain. doing so will allow you to be a little more stress-free instead of trying to convince a lender that your wife ought to be a borrower as well.
in the meantime, if you decide to do this on your own, it would be beneficial that you and she strive to get her some credit - good credit, of course - for the future.
on the other hand, it would appear, from what you've provided, that you will qualify on your own for the loan you desire to obtain. doing so will allow you to be a little more stress-free instead of trying to convince a lender that your wife ought to be a borrower as well.
in the meantime, if you decide to do this on your own, it would be beneficial that you and she strive to get her some credit - good credit, of course - for the future.
