Hi Aida: I am a realtor who's been in the business for 19 years and I have many lenders that will be able to work with you based on the information you provided. Call me when you get a minute. Thanks.


Carol McCann
Remax Millennium
267-970-3952

Why are you listening to a real estate agent? Most agents do not know anything about residential lending, although they should. Realtors should sit down with a competent loan officer and learn about it because it's an integral part of their business. Now for your question, ask you fiancée to speak to his parent or parents and see if they are willing to become a co-borrower with him. If they are, they should speak to a competent FHA lender to determine whether all incomes and debts combined will allow him to purchase a home. Also, you can estimate your closing costs and payment on my web site (assuming it's up). Good Luck to you!

Why are you listening to a real estate agent? Most agents do not know anything about residential lending, although they should. Realtors should sit down with a competent loan officer and learn about it because it's an integral part of their business. Now for your question, ask you fiancée to speak to his parent or parents and see if they are willing to become a co-borrower with him. If they are, they should speak to a competent FHA lender to determine whether all incomes and debts combined will allow him to purchase a home. Also, you can estimate your closing costs and payment on my web site (assuming it's up). Good Luck to you!

If you don't report your income, it's not income and you need to have all debts counted too.

This is 2009 and you must have full documentation and credit that meets the guidelines.

I suggest that your finance report his income and you work on cleaning up your credit and then re-approach purchasing a home in 2010.

Good luck.

Aida,

Some lenders impose credit score restrictions on borrowers, therefore you must meet their minimum credit score (i.e. 640) in order to qualify for a home loan. On average, most lenders require a 625 credit score.

As for the amount of income you need to purchase, that depends on how much house you're trying to buy. Here I suggest you contact a lender and ask them to review your profile (i.e. IRS reported income, monthly liabilities, assets, etc.) so they review your credentials. Also, they can evaluate your credit. Among other corrections, outstanding judgements must be satisfied before you can make a home purchase.

Due to the record number of foreclosures in the marketplace, lenders are more conservative. Credit score alone will not qualify a borrower.

Hope this helps. Email me if you have additional questions.

You need to contact a loan officer. I know some people that could further explain the situation to you, but if you cannot afford to purchase their are other options like Lease/ Purchase option.
Let me know if I can help you any further




Brian Fletcher
Lincoln Realty
610-312-3158