Home Buying in Avon>Question Details

Ryan Davey, Home Buyer in Indianapolis, IN

Two of us wanting to purchase a home - my score - low 587, his better - 720. What lenders are doing FHA loans for couples like us?

Asked by Ryan Davey, Indianapolis, IN Thu Aug 30, 2012

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Hi Ryan
The answer to your question is not a short one. There are many items that a lender has to look at. One being the possibility that the one that has the 720 score apply for the loan by themselves. The 587 score is to low for a lender but a good lender can help you in figuring out what you need to do in order to get the low score up where it needs to be. The best thing you can do is to talk to a few different lenders and find one you click with. Your going to find one you like better than the other ones. If you need help in finding a lender or just have questions in general feel free in contacting me anytime. If you need a lenders name I would be more than happy to recommend the lender I always use. Call to text me at 317-430-0443. Good luck.
0 votes Thank Flag Link Mon Mar 11, 2013
Hey Ryan
That's a great question and not at all uncommon. At Century 21 Scheetz we partner with some great lenders who would be happy to counsel you guys.

Feel free to give me a call or text, (317)503-0532. I would be happy to get you on the right track to owning your own home!

Take Care
0 votes Thank Flag Link Sun Mar 10, 2013
Hi Ryan,

I work for Fischer Homes and we are the #1 custom Home builder here in Indy. Let me know what you are looking for in your new home such as bedrooms, loft, study, 3 car garage etc.... Call or text me at 317-379-1842. Enjoy the rest of your Sunday.

Darrell Frye
0 votes Thank Flag Link Sun Mar 10, 2013
Hello again!

I spoke with a couple of lenders I work extensively with and the best option would be for the person with the 720 to secure the mortgage and then when the other score is above at least 620, then you could refinance and have both parties on the loan. If you'd like contact information to initiate this, please email me at nan@talktotucker.com and I will provide what you need! Good luck! Thank you!
0 votes Thank Flag Link Sun Sep 2, 2012
Call Marty Olry at Hallmark Mortgage, which is in Indy. He can tell you all of your options. Even if you can't qualify today, he is great at helping people repair credit. His mobile is 317.590.5599.

Good luck

0 votes Thank Flag Link Thu Aug 30, 2012
The lower score would hurt in the types of options available. So basically you wouldn't get as good of interest rate, terms, etc.

0 votes Thank Flag Link Thu Aug 30, 2012
There is a possibility if you decide to go through normal big bank lenders. Large banks have guidelines they have to follow.
I think you need to consider smaller and more local lenders. They will shelve their loans and keep them in house.
0 votes Thank Flag Link Thu Aug 30, 2012
So real question - does anyone think we can't get approved together?
0 votes Thank Flag Link Thu Aug 30, 2012
Hi Ryan; the best answer for you will come from a qualified loan officer. As mentioned you have a couple of options to consider. 1. qualify on the higher credit score and that income 2. qualify together if possible to include both incomes 3. Be able to put more money down to increase your power and reduce the amount of money you need to borrow in either instance. Only the loan officer/funding source you choose to work with can answer your question specific to you.
Flag Thu Aug 30, 2012
Hi Ryan,

There are many options a lender can use to help you finance a mortgage. Depending where you want to buy you can use USDA or the Next Home programs for down payment assistance in parts of central Indiana. With one of you having a good score, the loan can be based on that person's income / score only. If you need help with finding a lender let us know. We work all of the Indy Metro Area with buyers.
0 votes Thank Flag Link Thu Aug 30, 2012

I would call Bob Jay with Wells Fargo. Wells Fargo can work more than likely with the higher credit score and have that as the person who is on the loan. You could be on the title but not on the mortgage. His number is Cell- 317-796-6014, email- Robert.W.Jay@wellsfargo.com. I have other lenders to recommend that are more local banks or credit unions if you want to both be on the loan. Let me know for sure and I will send you that direction.

Don Lawless
0 votes Thank Flag Link Thu Aug 30, 2012
Ryan I agree with Suzanne. Typically real estate agents can provide you with several contacts to consult about lending situations. You may also consider loan alternatives like conventional financing which will require a larger down payment. However, a down payment larger than the required minimum may put you in a better position for consideration even with a lower credit score. Ask as many questions and loan officers as you can until you get the right answer for you. Once you get your financing arranged you will be ready to have a real estate agent assist you in your house hunting endeavor.
0 votes Thank Flag Link Thu Aug 30, 2012
The lender should look at the entire situation and see which way is the best for you to proceed. If you only use the higher score, you can also only use that partner's income. If the lower score allows you to qualify for FHA, then use it by all means because you will be able to use both incomes.

The best thing you could do is to sit down with a small, local, mortgage banker, a company like Annie Mac or Residential Home Funding, and let them look at the entire situation. They will be able to tell you exactly what can be done, what needs to be done, and how long it will take to get it done! If you don't know a local lender, call a realtor and ask to be referred, that's what we're here for, to help!
0 votes Thank Flag Link Thu Aug 30, 2012
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