Hi Ramesh,

You can utiltize the FHA loan program, which allows Non-tradional credit (like utility bills) to be used as compensation for Traditional credit. The great thing about this loan program is it's very easy and the rates are very comparable to conventional. If you'd like some more information, then please feel free to contact me any time. My website is listed below.

Ramesh,

Would you please give me a call,I want to ask you a couple questions about your current Income, employment,debt and to tell you about options that are available for you.

I look forward to hearing from you.

Sincerely,

Rod Ratkovic
Home Loan Consultant
Omega Capital Financial,Glendale
Cell: 818-405-2825
racarealestate@hotmail.com

Can't do it Ramesh. With that income and assuming you have no other debt you can only qualify for about $450000 in mortgage.

Ramesh:

Even with 20% downpayment your mortgage puts you over the debt to income ratio that you must not exceed. Without knowing all your monthly expenses it is not possible to say at what amount you would qualify.

Bob Khalsa
Broker Owner
United America Realty
bobfoxbat@gmail.com
661-313-6107

Yes, it sounds like you may have some options. But there are many variables to look at. With a good credit score and verifiable income (w2) you can certainly qualify for a loan. But it might be difficult to qualify for an 80% loan $650k. The lender needs to look at your your income and your debt (credit card payments, car payments, etc) then add the new loan to determine you DTI (Debt to Income) ratio.

I have great referral for a local direct lender. Email me if you have further questions or if you like the lender contact information.

Michael Magaw
310.259.6850
M@NHLBrokers.com

Hello,

You have a great score, FHA would be the best bet for you and your wife, FHA requires min 2 yr employment on the same type of job.
Generally, FHA credit requirements are a 1 year period of acceptable credit. Four or more "trade lines" are required, but if you have not developed a credit history, "alternative" credit verification will be used. Alternative credit sources may include:

Utility Payments
Rental Payments
Automobile Insurance Payments
Telephone or other Payments

The following are creditrequirements set forth by FHA

Previous rental or mortgage payment history Your payment history is reviewed for the previous 12 months.

Recent and/or undisclosed debts A satisfactory explanation of new credit or inquiries will be required.

Collections are not required to be paid prior to loan approval if mitigating factors are present

Judgments will be required to be paid before your loan closes.

Chapter 7 Bankruptcy will not disqualify you if 24 months from the Discharge Date has passed and you have reestablished credit. FHA will consider a loan after 12 months if you can document the bankruptcy was caused by events beyond your control.

Chapter 13 Bankruptcy is allowed after 12 months of the pay out period has elapsed with court approval.

Previous mortgage foreclosure will be allowed after three years. In rare cases, an exception may be granted with very well documented extenuating circumstances after 2 years.

Government loan programs really are more lenient from a credit requirement perspective than conventional.

Read more about FHA credit compensating factors
Call me perhaps I can assist you more 818 679 1170.

What are her credit scores?

Once you know that then you will know whether you can move forward or not. Any other financing or loan questions let me know....Marvin@Marvinloans.com

Good luck.

You should be able to qualify for a loan based upon your credit history. Your best option is an FHA loan. They would definitely approve you with just your credit history. Your rate today would be around 5%. Some conventional lenders may also do so and I am checking on this for you I have several pages on my website at http://www.maureenmegowan.com that can give you a lot of information on building up your credit score, qualifying for a mortgage, as well as information about buying a home in Redondo Beach. These links include "Financing " , "FICO Credit Score ", and "Redondo Beach Real Estate ".

I would be happy to set up a custom search for you for properties meeting your unique requirements.