Question Details

Melanie, Home Buyer in Flint, MI

How difficult is it to get a conventional mortgage? If you have a good size down payment and co signers with an excellent credit score

Asked by Melanie, Flint, MI Sun Mar 6, 2011

My husband worked for Ford Motor Company for 9 years and took an educational buy out to become a Registered Nurse, but in the mean time we lost our house and our credit took a dive. Currently my husband graduated with his BSN and money is no longer an issue.However, we feel like it will be impossible to purchase a home due to our prior credit problems. We found a house that is perfect for our family and the price is very reasonable.Our parents are willing to co- sign and have an amazing credit score .Furthermore, we have saved up money for a down payment, but I'm still not sure if we even have a chance for being approved for a conventional mortgage.

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Answers

3
Only a mortgage broker or someone with a lender could tell you for sure. And there's a lot more information he/she would need to know.

But consider it from the lender's standpoint: You have poor credit. Your home was foreclosed upon. Your husband has a short (if any) work history in an entirely new line of work.

On the other hand, it certainly does help that your parents have good credit and that you have a sufficient amount for a down payment.

So--contact a lender and see whether those positives will outweigh the negatives.
1 vote Thank Flag Link Sun Mar 6, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Ann's strategy is very sound. Also consider buying a HomePath approved property which are available on Fannie Mae owned properties. These houses only require a 15% down payment for investor ownership. If you have any questions please call me at (866) 552-5912.
Web Reference: http://www.homepath.com
0 votes Thank Flag Link Mon Mar 7, 2011
Hi Melanie, Unfortunately current lending guidelines require you to have 3 years elapse from a foreclosure or short sale. BUT! Your parents can buy the home as an investment property for you. 20% down required. Please contact me for further information. I will be happy to assist you! 508-243-1190 Ann
0 votes Thank Flag Link Sun Mar 6, 2011
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