My husband has been working and paying all our bills for years. credit score is 650 and we have some assets, can we get financing?

Asked by mrsswierzewski, Tampa, FL Fri Jan 25, 2013

We do not use a bank and make about 60k yearly. Can we get some type of financing so our payments can go twords our home instead of nowhere

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Tracy Hoyt, Agent, Valrico, FL
Fri Jan 25, 2013
Mrs. Swierzewski,

The answer is Yes. You may need to follow some extra guidelines set forth by the lender but you can certainly try. I work with a fantastic Lender who would be happy to help explain how the process works and would be able to tell you exactly what you would qualify for or need to do ahead of time.

I work in the Tampa area and would be happy to help you find a home to call your own. Please review my profile on Trulia and send me a message or email me directly at

No pressure, just help with your questions.

Tracy Hoyt
Prudential Tropical Realty
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, ,
Fri Jan 25, 2013
Mrs Swierzewski,

You are not required to have a bank account to get a mortgage - however any funds you bring in at closing (for the down payment, closing costs) need to be verified. So for that purpose you may need to open up a bank account and deposit your paychecks. However instead of using your own funds, you can get gifts from family for the down payment & closing costs. FHA mortgages are the most flexible in that aspect, and if you have a 650 score and are going with a lower down payment amount then FHA financing often is the best choice as it just requires a 3.5% down payment and all funds you need are fine being a gift from family.

Question, if you don't have a bank account - where do you deposit your paychecks? Or do you just take the paycheck down to the bank that issued it and swap it out for cash?

Shane Milne | Lending in all 50 states | NMLS #81195
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