First, let me state that I have been studying this board meticulously for 2 months. I have begun my pursuit into credit repair and realize that my dilemma lies somewhere between ethics and strategy. However, my question concerns home loans. My wife and I would like to purchase a home. My wife grosses 45k and I gross 30k. Her credit is perfect, after 15 years, and mine is worse than imagined. We would like to qualify based on solely her income, as my credit would only be a nuisance. I realize that this board is directed towards those with credit issues, however, I was wondering if anyone had any insight as to what type of loan we should look for, or who we should be look to for loan information. Thanks.
How much do you need to borrow? I am sure you can get 250K+- with your wife's fico(high 600) & income; without using your credit, and both of your names can still be on the tittle.
Oh BTW, that is just though the regular banks such as Washington Mutual, Wellsfargo etc, others might even be flexible with the "amount"
Thanks. I guess I never thought about just walking into a bank and asking. Maybe this isn't as complicated as I am making it. I appreciate the feedback.
chipper You really haven't provided enough information to give you a reliable answer. However, I can state that if your wife's credit is immaculate, then she should have no problem qualifying for a mortgage in her name only. You both would be on title but just her on mortgage. If her scores are high enough, then she could even qualify for a NO-DOC loan at about conventional rates. I hope this helps you. If you need or want more detailed information, then you can email me off-board and I will go into greater detail with you. fla-tan
Re: Re: Home Loan Info Fla-tan, I've asked this before but I think it got buried in a prior post. How do you get both names on the title? What exactly does that mean? I'm not sure I "get it" so I sincerely apologize in advance. Since I'm not working now and hubby's scores are a bit better than mine, we're kicking around the idea of going this route where he applies solo. He'll be getting a bonus soon and we can fully pay off his debts (only about $4k) to help him ratio wise. Will my debt be considered at all?? What would my responsibility on the home be in this case? To get the loan to help my credit later could I be added at some point (like a refi) and how hard would it be? thanks for putting up with me... Newstdt
Re: Re: Re: Home Loan Info newstdt On the application form, there is a section that asks in what names the title will be held in. That is where both names go and the manner the title will be held in is jointly. BTW, you are never a bother to me. Email me offboard about your situation, I don't want you to put personal information on a public message board. fla-tan
