Based on your description it sounds like an FHA loan using your income would work fine. This is called an FHA loan with a non-purchasing spouse which means your husband would not be on the loan but any debt he has would have to be counted when your total debt to income ratios are calculated. The payment you are requesting may very well be possible depending on the monthly taxes and insurance on the home you are interested in. Give me a call or send me an email and I will happily walk you through the process. I hope this was helpful and my contact info is on my website. Have a good day.
Then all those wonderful rates and estimates you see pop up online will start to make sense. You'll know which ones are best for you and which ones aren't worth it.
Keep in mind you don't have to use that person for your mortgage if you found a more competitive rate (though since this person took time out of their day to educate you, make sure you show them the rate and see if they can match it. Be fair and honest in all possible business dealings), but as a first time buyer it helps to be educated and have your finances analyzed by a professional.
Now wish me luck, and hope this guy doesn't tell me to raid my 401K instead of waiting another year of saving for down payments and closing costs.
There may be things you can do to get his scores up and there are, believe it or not, lenders that actually can get loans done for 600 and below ficos. Hard to believe but I have worked with a few of them. I would recommend getting in touch with a good broker or banker in your area and start looking at your options and ensure you are doing the right things to improve your credit.
REALTOR | Mortgage Broker
Keller Williams Realty | 360 Lending Group
I like to think of credit problems as injuries; if you sprain your ankle, you're not going to run a marathon - you're going to rehab it and bring it back slowly, so that it won't fold under you at mile 22.
I suggest you two hunker down and rehab that boy's credit until it matches or exceeds yours. Then, and only then, should you sign up for a 30-year marathon of timely payments through hail and high water.
All the best,
Start with talking with a lender, it is a free converstion and you can see where you are at and what you need to do to get what you want in the future.
Best of luck.
In Cedar Hill and the surrounding areas that person would be Harlan Cooper. In the business for over 30 years, he knows what getting a mortgage is all about. You can reach Harlan here:
Harlan M. Cooper, Branch Manager
Affiliated Bank Mortgage
hcooper @transnetloans. com
There are other financing options available besides the "traditional" types of financing such as Conventional and FHA loans. At first look, you may be a great candidate for seller financing which would be a privately held mortgage loan with a seller or investor. Feel free to contact me and I will be more than willing to answer your questions.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors