You can't always use a co-signers income to qualify for a mortgage. They will allow you to add one, but if you can't use their income you are just adding more liabilities.
You would be required to bring enough money to get the loan down to a $417K loan conforming limit.
Give me a call if you still need help.
Cornerstone Mortgage Group
There are great homes in all these neighborhoods that can be purchased for $300-400kâ€¦.leaving ample room for a wonderful renovation! My company also has The Dream Home program where (depending on your budget), we will build you a new custom home in the neighborhood of your choice! Call me anytime to talk about some great choices that I can make available to you!
Johnny Gonzales, REALTOR
Muffley & Associates Real Estate
THANKS AND REGARDS
REV PAUL GAYE
THANKS AND REGARDS
REV PAUL GAYE
Have you signed with a buyer's agent? I am an employee of Redfin and also currently looking for a property. You may want to consider using Redfin's services. Not only are we fully transparent in our dealings and can recommend lenders who may be able to help you with financing but also we have a website that updates its properties multiple times daily from the Multiple Listing Service which means in most cases unlike Zillow and Trulia if the property is available on Redfin's site you can actually go see it.
I do not know if you have a particular home in mind, but I know from personal experience that when I used zillow to tell my agent what I wanted to see I would give her a list of 8 and only 1 was available. This up to the minute updating is what actually swayed me to come work for Redfin. Below is some information about the site. Good luck in your purchase!
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- The maximum loan amount in Metro Atlanta for the FHA 203(k) Renovation mortgage is $346,250. It will require a 3.5% minimum down payment and a 640+ minimum credit score.
- The maximum loan amount in Metro Atlanta for the Fannie Mae HomeStyle Renovation mortgage is $417,000. It will require a 5% minimum down payment and a 660+ minimum credit score.
- Fannie Mae loans, such as the HomeStyle program, do not allow Co-Signers who will not be occupying the home to be used for additional qualifying income.
A $500K sales price seems to be a stretch for you based on your current credit score.
As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
That is definitely an option. Keep in mind, the co-signers credit score also has to be above the minimum requirements for the loan product.
I would appreciate the opportunity to help you all any way that I can. Brand Bank has been around Georgia since 1905 and is the 4th largest lender in the state.
Feel free to contact me anytime if I can help in any way.
Brand Mortgage Group
Capital City Property Services
Direct Fax: 770-446-8776
If however you can keep your loan amount at or below $417k then you could be eligible for the Homestyle renovation loan. This loan would let you borrow up to 95% for the purchase and renovation of a home.
I hope this helps.
NMLS # 75615/465546
Will you have the opportunity to perhaps lower balances on some of your husbands cards so that your credit score improves and you guys end up with a better rate? Will you do best with a conventional loan or FHA or even a 203(k) rehab loan? What are the rates? Payments? Closing costs and expenses? Turn time to close a loan? Etc.
You have everything to gain by speaking with a Loan Officer. Get yourself pre-approved and get answers to all your questions and learn what your best options are. I can tell you exactly what documents you would need to send and assist you with this. I'll walk you through the entire process and address pretty much everything I've mentioned here. If you need a reliable Loan Officer, feel free to call or email me anytime. Good luck!
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
Thank you for your intrest!
Call or write me today so that I can talk to you about specifics regarding our Dream Home Program!
Johnny Gonzales, REALTOR, ABR
Muffley & Associates Real Estate
1. What is the interest rate on this mortgage?
To determine exactly what you'll pay over the term of the loan, you need to know the rate. Rates change quickly, and if your credit is less than perfect, you may not be offered the lender's lowest figure.
To effectively compare different lenders' programs, ask for the annual percentage rate (APR) of the mortgage interest, which is generally higher than the initial quoted rate because it includes some fees. But beware: the APR found in advertisements can be misleading. Mortgage lenders don't always include all the fees they charge in the calculation that determines APR, so customers who use that figure to shop rather than an itemized breakdown of rates, points and fees may end up comparing apples to oranges.
2. How many discount and origination points will I pay?
Lenders may charge prepaid mortgage interest points to lower your interest rate or other points that have no benefit to you at all. Find out how many you'll be expected to pay and which kind of points they will be.
3. What are the closing costs?
Mortgages come with fees for various services provided by lenders and other parties involved in the transaction. You want to know what those fees will be as early as possible. Lenders are required to provide a written good-faith estimate of closing costs within three days of receiving a loan application.
4. When can I lock the interest rate, and what will it cost me to do so?
Your interest rate might fluctuate between the time you apply and closing. To prevent it from going up, you may want to lock the rate, and even points, for a specified period. Ask your lender if lock fees apply. Also, find out what the experts are expecting rates to do: read the Rate Trend Index.
Fred Yancy, Broker
Do you have the funds needed for down payment? Earnest Money? Home Inspection?
Do you have the income qualifications for a 500k house?
Lots of things factor into being approved for a home loan.
I would welcome the opportunity to sit down and help you find your next home.
Feel free to call me anytime.
Morris and Raper