Prudent for one of you with the best credit score to Apply for the loan.
Based on your details provided there should be no issue.
If there is one, then you found the wrong loan agent or lender.
Speak with a mortgage professional to receive a firm answer. Judging from your income and situation it seems that you can be approved to buy.
Sohail A. Salahuddin | Founder and Team Leader
Innovative Property Consultants Group | Sales and Leasing
Jameson Sothebyâ€™s International Realty
425 W. North Ave. | Chicago, IL 60610 â€¨
O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030
"Extraordinary Service For Extraordinary Lives"
Your history stated here doesn't seem to be an issue.
I'm pretty confident that if you are forthright with the landlord and explain why your credit is low, they will take it into consideration. Remenber, always put your best foot forward!
Plus as long as you can prove what you stated here you should be fine.
Licensed Broker, Prospect Equities Premier
A solid previous landlord recommendation should help along with a willingness to provide a larger security deposit or more favorable terms for landlord if needed.
I've gotten a few clients approved at scores in the mid-400's and low 500's and landlords have had no issues.
Senior VP of Mortgage Lending
Although some similar criteria may be used by landlords, as long as you can provide excellent ratios in regards to your income, you may be able to overcome your low credit score.
$24k (Rental Expense) / $200k (Income) = Excellent Ratios
Be truthful on your Application
Provide Proof Of Income
Prove Proof of Assets (If you have healthy bank/retirement accounts)
Provide a Letter of Explanation
Feel free to contact me should you need any assistance.