Home Buying in Austin>Question Details

catsweater, Home Buyer in Austin, TX

Unmarried couple, bad credit with high income, good credit but un-employed, qualify?

Asked by catsweater, Austin, TX Tue Jun 18, 2013

Hello, my boyfriend and I are looking into buying a house. One of us has bad credit but a high paying job, the other has excellent credit but is self-employed and not bringing in too much money yet. Do you think either of us would qualify for a mortgage, or could we possibly balance each other out somehow? Thanks!

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Your best bet would be to speak with a good lender who can take a critical look at your combined financial situation.

I'd be happy to refer you to someone here locally that can help.

Tim Andrews
Keller Williams Realty
0 votes Thank Flag Link Wed Jun 19, 2013
We can offer private money financing, loan would require 25 to 30% down. We offer these loan to self employed borrowers, bad credit borrowers or borrowers who don't meet conventional guidelines. The loan has no pre-payment penalty so once you meet conventional guidelines you can refinance out with no pre-pay. If you are interested give me a call to discuss.

John Broussard
Newbridge Investments
713-777-9996 EXT 103
0 votes Thank Flag Link Tue Jun 18, 2013
I would be happy to connect you with some great local lenders to give you the qualification answer. Please feel free to contact me anytime.

Steven Nusinow
0 votes Thank Flag Link Tue Jun 18, 2013
Not enough information to make a call. Credit score needs to be 640+ in most cases, maybe 620. Then you get into "why" is the score low? Missed payments, late payments, judgements & bankruptcy to name a few are killers. Self employed without 2 years of adequate and proven income won't work either.

Your best bet would be to work on fixing the bad credit. It's easier than you might think. I"d be happy to work through it with you as your Realtor.
0 votes Thank Flag Link Tue Jun 18, 2013
Working with a 740 @ 12,000 annual income and a 575 @ 70,000. Credit is low due to missed and late payments, and not enough lines of established credit. Also, would getting married make things better or worse?
Flag Tue Jun 18, 2013
I can connect you with a lender who might be able to better help you, but I'm not sure if you're looking to buy in Texas or Colorado. Please specify as it shows you being a homebuyer in Colorado. Our lenders here are not licensed there typically.

Joe Jarusinsky, Realtor/Master Instructor, Keller Williams Realty, Austin's #1 Real Estate Company, Ranked #1 by Buyers and Sellers (JD Power & Assoc. 2012) Call 512-261-4415
0 votes Thank Flag Link Tue Jun 18, 2013
I'm in Austin, just made an account, not sure why it thought I was in CO..
Flag Tue Jun 18, 2013
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