I am trying to find a decent mortgage for my husband and I. We have rented for 7 years due to a foreclosure. We had many medical bills and a lay-off that caused our credit to become damaged 7 years ago and we spent a several years of hard financial times. My husband has two charge-offs and two accounts that have a couple of over 30 days. He also has two small accounts in good standing and a couple of paid accounts in good standing. My credit report is much worse, which in turn brings our total score way down! The only offers made to us by mortgage companies are 11% interest rate and 25% down. This is nearly impossible for us! We pay $700 a month in rent plus have two kids and a car payment and regular living expenses. You know - sort of a week to week lifestyle. We do have money in savings, but not nearly enough to put 20-25K down on a home! Can my husband apply for a mortgage on his own? Anyone out there have experience with a mortgage company that isn't so stringent? 25% down is just way too much for us. We will never get a home. It seems these mortgage companies don't really care that we have impeccable rental history and my husband's salary is sufficient to buy a home. I am self-employed, so I don't even count and actually hurt rather than help in applying for a mortgage. We just thought that if he applied by himself we might get better results. Sorry so lengthy, but I needed to give history so that I could get accurate responses.
Talk to a mortgage lender. When the couple who bought my condo tried for a loan they were turned down because the husband had defaulted on a VA loan. His ex-wife stopped making payments. So they rented from us and were to fix his credit for a year then applu again. He didn't do that. It was a matter of stubborn pride for him, and he wasn't going to pay off something his ex-wife did. ANYWAY.... she bought the home alone. They didn't include anything from him at all. They used only her salary and her name was the only one on the loan. It took a while for her to convince the mortgage company she could pay the payments but she finally assumed our loan. PS note... she kicked him out about 6 months after that. So I guess it was good after all that he didn't have his name on the house. Talk to someone. I think you can do it with just your husband alone. Of course your name will not be on the house, but I think he can add you later under some short cut way that I can't remember the name of right now. judy
Thank you...and by the way before anone gets any wrong ideas, I trust my husband and don't worry about him buying the house alone. Some people have wondered if I would worry about him up and leaving. No, that is not a concern. Now if I can just find some decent mortgage companies in Kentucky. I don't want to just try out a bunch of companies and have the inquiries on his credit.
Thanks judyputy for the info I've seen your posts on another board and I'm glad. I'm divorced and have children as well. I've worked hard to get my credit to where it's at now. I plan to purchase, hopefully, by the end of the year. I was sort of worried about being a single mom purchasing a home by myself. But you've stated that it is indeed possible. Thanks.
You may want to look into a FHA mortgage, they can be a bit more lenient. As far as inquiries go, mortgage inquiries done within a 14 day period count as 1. The smartest thing to do is shop around, in fact let them know your shopping around they may try and outdo each other with better offers. good luck!
