Home Buying in 13820>Question Details

Bluelovr1219, Home Buyer in Otego, NY

How to get a mortgage with low scores?

Asked by Bluelovr1219, Otego, NY Sun Nov 17, 2013

My boyfriend and I are trying to get a mortgage. He has zero credit but makes more than me.
I was just approved for a loan with Quickenloans for $50,000-pending the full down payment. They want a 7500 down payment on an FHA loan.
The problem is that a) that is a lot to come up with. b) in the area we live in there are no homes that qualify for an FHA for under $50,000.
We were prequalified based on my scores-616,627,647 and my income $24500. With my boyfriends income wed have a combined income of nearly $50,000 a year.
Is there a way to get a larger loan with both of us on the mortgage? We would love to build a house like a cabin or modular. Nothing crazy of course! We have some land in mind already. Hopefully someone can help!

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Answers

5
The first thing I would do is stop messing with Quicken Loans and call a local lender. People who work the phones/computers at quicken are merely order-takers. Find and experienced, professional local lender who you can sit down with and get answers to your questions. BTW, the down payment for FHA on that size loan should be about $2000, not $7500. Like I said, quit messing with on-line lenders.
0 votes Thank Flag Link Mon Jan 6, 2014
My suggestion would be to contact Brian Hines at Priority Funding, LLC 877-393-5511 ext 17. He has assisted several clients with a modular purchase.
0 votes Thank Flag Link Mon Jan 6, 2014
We specialize in helping borrowers find lenders that offer difficult loans most lenders cannot touch. I have helped hundreds of people get approved for home loans with scores under 600.. I am positive we can help you find the right lender that offers a loan product that fits your situation.
0 votes Thank Flag Link Mon Nov 18, 2013
I would go and apply for loans at places that you already do business with... Your credit union, Your local bank... Places like that already know you and will work with you to get your loan.
Just an idea as it usually works
0 votes Thank Flag Link Sun Nov 17, 2013
Hi blue

based on your scenario you should be ale to use your boyfriend income and buy it together. contact your local mortgage broker they will be able to file loan lender for you . if you got o big company you might get in to difficulty due to over layers.


good luck


Omar Khamisa
Web Reference: http://msjmortgage.com
0 votes Thank Flag Link Sun Nov 17, 2013
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