Home Buying in 44119>Question Details

Ucal1995@att…, Home Buyer in 33176

I have the income to purchase a home in south Florida , credit score low. My best friend has credit score and a less income. Is there someway to do?

Asked by Ucal1995@att.net, 33176 Wed Sep 7, 2011

There must be someway to get a loan to circumvent this?

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Answers

7
Ucal,

Rather than circumvent this, I suggest that you fix the problem - your credit score. Hopefully, there's a few things you can do to pull up the score quickly, which will allow you to buy using a conventional loan.

Ann Ryan
0 votes Thank Flag Link Mon Jan 27, 2014
I would try All American Home Lending in Cleveland. They just closed a home with my buyer that had a 580 credit score. Good luck!
0 votes Thank Flag Link Mon Jan 27, 2014
The primary on a mortgage is usually the person with the most income. So your friend will do little to boost you with little income. You may just need a little boost to your score. A good mortgage broker will help you with advice on what will help and if its a 3 month or 1 year process. Call Kevin Reeves with New Penn Financial at 813-728-4992 he has gotten three of my buyers better credit scores over last few years.
0 votes Thank Flag Link Thu Sep 8, 2011
How much can you afford to put down as a deposit? How much do you have for the closing costs? Are you and your friend planning on bubying a property together? I suggest you go to a mortgage broker and find out if there are any financial products that you and your friend qualify for together. You would both be on the loan and both of your incomes and debts would be considered. If your credit score is low due to a hardship of some kind such as unemployment this information may be able to be taken into consideration. Do not assume anything until yoyu speak to a lender or mortgage broker. Good luck.
0 votes Thank Flag Link Wed Sep 7, 2011
Yes! take the time to rebuild your credit!
0 votes Thank Flag Link Wed Sep 7, 2011
Why is your credit score low? If you have a good income, why aren't you paying your bills on time? You should go for credit counseling. Your local non profit housing group should be able to help you. The credit counselor will advise you on what you need to do to improve your score. Remember your credit report is pulled for insurance. You can be denied homeowners' insurance if you have bad credit. You are certainly paying a higher rate for all of your loans.
0 votes Thank Flag Link Wed Sep 7, 2011
All borrowers who are going to be on the mortgage must have high enough credit scores and clean enough credit.

In order to use income, the person with the income must be on the mortgage.

There isn't any way to circumvent that.

If you have a large enough down payment then you can purchase an investment property with a hard/private money loan where credit isn't very important, although the interest rates will be in the 12-14% range.

If you don't like those types of terms, and your best friends income doesn't qualify for what you two want to buy, then you can find a 3rd investor which has sufficient income & credit OR your credit will need to get into qualifying shape.
0 votes Thank Flag Link Wed Sep 7, 2011
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