Faye, Home Buyer in Liberty Township, OH

How can i buy foreclosure homes if i have good credit but have no proof of income?

Asked by Faye, Liberty Township, OH Wed Mar 23, 2011

My husband is the one with the income but he has bad credit .

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Answers

7
Faye how bad is your credit? Some people that have what they think is bad credit qualify for a home loan. The bigger issue is getting a loan on a forclosed home as most "deals" are in poor condition and need to be purchased with a FHA 203(k) rehab loan. It would help to be preapproved by a lender that offers the 203(k) product as you can always go to a traditional 203(b) if you do not have to do a rehab to make the property habitable.
You can contact me if you want as I have lived in Liberty Township 19 years and have helped quite a few people people purchase their new home using a rehab loan.
0 votes Thank Flag Link Thu Mar 24, 2011
You can, if you pay cash. You could have your credit run, together. Otherwise, have your Realtor speak with the lender and let them know the situation. Good luck!
0 votes Thank Flag Link Wed Mar 23, 2011
Hi Faye,

Talk to a mortgage broker as they can figure out what the best course of action is for your situation. As stated below you will need to provide some evidence you can pay back the loan or pay cash.

Good luck

Robin
Web Reference: http://www.agentrobin.com
0 votes Thank Flag Link Wed Mar 23, 2011
You will need to pay cash
0 votes Thank Flag Link Wed Mar 23, 2011
lenders want to see proof of income, but some lenders are now doing loans to folks with credit scores down to 580, so you might want to just have someone look at your situation for you. If you need a great person, let me know.
0 votes Thank Flag Link Wed Mar 23, 2011
Sorry Faye, but I don't believe that you will be able to purchase real estate without having proof of income. I suggest that you and your husband speak with a mortgage broker to determine your eligibility.
Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Wed Mar 23, 2011
Thats a tough one. As far as I know there are no longer stated income loans so you will need to prove income. You should contact several reputable lenders in tour area and talk to them. Maybe your tax returns could be used.
0 votes Thank Flag Link Wed Mar 23, 2011
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