Posted on: 28th Jul, 2009 02:06 pm
Ok...background....
My husband and I went into meet with the lawyer to sign out contract. there were several things that I did not agree with therefore did not sign. I was very very nervous about the whole thing b/c at no point had anyone been able to give me some real numbers with whether or not I would qualify for a loan. The lawyer then sent us to his mortgage guy who explained a better option. Instead of going conventional 20% down, 5% sellers consession...he advised us to pay off my truck and go FHA with 27000down...leaving us with way more money in the bank and a 40 less per month payment. WE LOVED THIS!! Then he ran the numbers and said that I wouldn't qualify due to DTI. I make 54,600 per year and the home is 300,000 (5% sellers consession - 315000) Now our problem is that we do not want to go conventional and would rather go FHA. We have a cosigner. Does cosigning on a loan negatively impact my cosigner in the future??
Also, is it wise for us to go through FHA instead of conventional. Hubby is not on the loan as he has terrible credit. Its just me.
Please Advise
My husband and I went into meet with the lawyer to sign out contract. there were several things that I did not agree with therefore did not sign. I was very very nervous about the whole thing b/c at no point had anyone been able to give me some real numbers with whether or not I would qualify for a loan. The lawyer then sent us to his mortgage guy who explained a better option. Instead of going conventional 20% down, 5% sellers consession...he advised us to pay off my truck and go FHA with 27000down...leaving us with way more money in the bank and a 40 less per month payment. WE LOVED THIS!! Then he ran the numbers and said that I wouldn't qualify due to DTI. I make 54,600 per year and the home is 300,000 (5% sellers consession - 315000) Now our problem is that we do not want to go conventional and would rather go FHA. We have a cosigner. Does cosigning on a loan negatively impact my cosigner in the future??
Also, is it wise for us to go through FHA instead of conventional. Hubby is not on the loan as he has terrible credit. Its just me.
Please Advise
If you dont have a low enough DTI for FHA you can't go conventional... conventional guidelines are usually even stricter than FHA.
Just doing quick math you can look at houses in the 200k range only if you have no other monthly debt.
Let me know if I can answer any other questions.
Just doing quick math you can look at houses in the 200k range only if you have no other monthly debt.
Let me know if I can answer any other questions.
eric, you overlooked the co-signer question.
mrs smith, if you are speaking of a non-occupant coborrower (such as parent, sibling, inlaw, etc.), that is allowed on an fha loan, and it might work out in your case, depending on how much income vs. debt that coborrower brings to the table.
you're fortunate, i assume, that your "hubby" must have income to assist you with these payments, despite his credit situation.
mrs smith, if you are speaking of a non-occupant coborrower (such as parent, sibling, inlaw, etc.), that is allowed on an fha loan, and it might work out in your case, depending on how much income vs. debt that coborrower brings to the table.
you're fortunate, i assume, that your "hubby" must have income to assist you with these payments, despite his credit situation.
