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Search: "Husbands credit"

 
 

Asked 04/22/2009 10:37 am CT (Louisville, KY)

My husband and I are wanting to sell our home and buy another home in a nicer neighborhood. The house asking price is $199, we have seven thousand saved to put down... my husbands credit score is 652, I do not know mine, but it is probably really bad. Can he be approved for a 199 loan on his income alone of $50 grand? We will also more than likely take a loss on our house of $6 grand. Any ideas as of where to go for assistance on a down payment loan or if a lender will allow us to borrow more than the asking price to cover the loss in the current house. We are really clueless as what to do!! My income is $33 grand a year

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Asked 02/23/2009 10:26 pm CT (Fort Worth, TX)

My husbands credit score is around 480 and mine is 560. We are looking to buying our first home. Any suggestion as to what programs can help us. thanks

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Consult w/ a mortgage broker to determine a plan of action. You will need to work w/ a credit exper...

[ Total Answers: 2 ]

 
 

Asked 04/14/2008 09:24 am CT (Concord, NC)

My husband and I recently tried to refinance, after having a bad experience with another mortgage company who promised to help us with a refinance after we accepted an 8.5% arm to help clean up our credit. After the six months, we returned to the mortgage company to start the refinance process which was to be free of charge the second time around. (this was a big joke) The company would never return our calls to start the new refinance. I went online and got a copy of our credit reports and my husbanand I had a score of 650-700 depending on the reporting agency. This was a great improvement from where we were when we did the original refinance 6 months prior. We did some research online and decided to try for a FHA loan. Everything seemed to be running on course. We had an appraisel done and the house came in way above it's value. The company that we were working with told us that they would not order the appraisel, if they were not confident that they could get the loan approved. I am self-employed and my husband works for a company. They had no problems sending out loan paperwork with a 7% interest rate and PMI. We refused the loan and explained that we were not desperate to refinance. They came back and with new loan documents with a 6.7% interest rate and a one time PMI fee, but had tacked on various other points that made the closng cost $10,000. They have since contacted us and told us that they cannot do the loan because my husbands credit score is too low and his dept ratio is too high. I understand this but I think they should have made this decision before we paid for the $350 appraisel. Since I have had a profit loss in my business, they could not consider my credit score or income. Are there any loans that I can look into as a self-employed person.

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It's a typical scenaro for self-employed individuals to have difficulty documenting their income. Th...

[ Total Answers: 1 ]

 
 

Asked 01/07/2008 07:41 pm CT (picton, Ontario)

I co-signed on a mortgage for my sister 10 years ago because her husband's credit was bad. I want off of the mortgage, but now her husband has to much credit and owns too much money. My sister only locks in the mortgage for 5 years, what will happen if i choose not to sign for another 5 years if her husbands credit is not good enough to go on the mortgage instead of me?

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Hi Jamie It's difficult to give you a good answer because there are so many variables. Does your s...

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Asked 03/05/2007 01:14 pm CT (Sarasota, FL)

My husband and I are in our fifties and are going to buy our first home. My husbands credit is exellent and mine is good. We make about 40,000 a year. What are the chances of getting a loan on a 1983 manufactured home in a land owned over 55 comunity? The home is on a lot that has been appraised at $95,000, they are asking $209,000 because of the location, the land is on the Mayaka river. The home is old in need of repair and our cash flow is low. A home in a park where you don't own the land is less , $95,000 for a 1996 in great condition and furnished but the rent is 550.00 a month. Help!!! Thankyou.

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Pam, There are lenders who will lend on manufactured homes on lots that are owned by residents. You ...

[ Total Answers: 2 ]