Trying to buy a home, but dont meet all requirments, Help!
Me and my husband got pre-approved for a home loan for up to 170K The home we are purchasing is only 130K. The problem is my husband has only been at his job for 1 year, so we are using his parents as cosigners, they make at least 85K a year if not that then more. They have credit score over 620. Do you think the underwriter will approve us. We also have credit scores over 620 and make all our bills on time. Its just that my husband has only been at his job going on 1 yr. Oh and its a FHA loan.
You should be fine, I would ask your lender to make sure. Also, if your husband is in the same line of work that will be in your favor.
Jim Westerberg
USLending
Redding, CA
You should be good then. As long as you have the co-signers. Just do not do anything to hurt your credit. Do not apply for any car loans, cc.
And happy house hunting!
Thanks! Yes, we have all the money for the closing cost and down payment! And also two months of payment just in case. Thanks
You have been preapproved for this loan with that knowledge known correct? Your credit scores should be ok as long as you have money in savings for the required amount of time. Do you have the 3.5% down needed for FHA? What about closing costs?
-Sean
Didn’t find what you were looking for? Ask a question!
More Q&A about Home Buying in Central Valley
View all »
Ask a question
|
|
|
|
|||||||||||
|
|
|
|
|
|
Fair Housing and Equal Opportunity