Hi everyone, I thought I'd run this past you all to see what kind of mortgage loan I could get! My boyfriend and I want to buy a house pretty soon...we should have about 10 percent to put down, and we have a combined income of about 125k. My scores are from 560 to 610, and his credit is absolutely , no blemishes at all. Is there a chance we could qualify for a decent mortgage? Houses in our area are pretty expensive, we're thinking we'll have to pay 230 for a house the size we need. anyone have any comments or thoughts? I appreciate it.... Sarah
Score kinda' low, but with 10% down...1st time home buyer, FHA...might work. It will still be under the 9.5% I had to accept...(WITH PERFECT CREDIT...1989)
Sarah, You should be fine. Since you have the income and downpayment in place there should be no problems. Also, your boyfriend's outstanding credit will help alot. Dani
If you go FHA, there are county limits. I know because we just got approved for an FHA loan. where do you live?
go get a good broker, he should be able to tell you what your options are. there is a broker called david dunhoff on the www.motleyfools.com message forum that is really good. You might want to go over there and post some questions. btw I have no affiliations with him.
Well thanks for the info...I feel a little better now! Those boards at the motley fool are great, I'm getting a lot of q's answered that I didn't even know I had. Boy this credit stuff get more complicated every day.... Sarah
remember that most mortgage places like to see all your previous issues paid in full. It might be beneficial to leave your name off the mortgage if your partner makes enough income to qualify. No point in paying more interest because your score drags down the qualification point.
