Home Buying in 08081>Question Details

Jay, Home Buyer in 08081

I have a pretty unique situation.

Asked by Jay, 08081 Fri Jun 29, 2012

I have a mid 500 credit score with a low debt to income ratio and an annual income of 190K. My wifes credit is 660. How hard will it be for us to get approved for a home?

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R. Eric Axelson’s answer
Hi Jay, I have a guy who can help. In addition, with your wife's income, it sounds like my firm may be a good fit for you. While we do represent all price ranges, we specialize in luxury.

Please feel free to contact me in confidence.

R. Eric Axelson, Associate Broker
Licensed in NJ and PA

Kurfiss Sotheby's International Realty
267.507.2287 d
856.617.1212 m
0 votes Thank Flag Link Tue Jul 3, 2012
You have a low debt to income ratio and make 190k a year. The answer seems obvious.
Since you have little debt, live on 40k for a year and save the other 150k then buy a small house for cash.

Why is your score in the mid 500s?
2 votes Thank Flag Link Fri Jun 29, 2012
Hi Jay.
There are a lot of different reasons for why your score is in the mid 500's. It may be an easy fix to bring your score up. One of my mortgage partners specializes in your exact situation. He would be happy to consult with you.
-Robert Greenblatt
Keller Williams Realty

PS: Check my client testimonials!
0 votes Thank Flag Link Sat Jun 30, 2012
You may here alot of answers but my suggestion is to sit down and speak with a firm that
has your best interest at heart. Wish you well. Hopefully, you will eventually improve your score to go onthe mortage as well . It can happen.

0 votes Thank Flag Link Fri Jun 29, 2012

Seems there's some other issues here. The best suggestion I could give you is to sit down with a financial professional to reiew your credit to see what things are driving your credit scores down to that level. Is it due to errors? Even if you are making $190K, what is your disposible income? You can make $190K a year and have lots of money left after paying bills, but you lose it all at the casinos...you don't have enough left to buy anything for cash. In that I am not a financial professional, and based on what you state and what you don't state...if as Jim says, just be sure to pay stuff on time. After a specific period of time (I think it might be 12 months) your scores should drastically increase uless there's something else on the credit report.
Seek advice from a financial professional to analyse your credit report.

Terry Iwaniw
Residential Marketing Specialist
Joe Wiessner Realty, LLC
Cell: 856-404-5635
Blog --> http://blog.i-teamhomes.com/
Facebook --> http://www.facebook.com/RealtorTerry
Search Homes --> http://www.sjerseyhomes.com
0 votes Thank Flag Link Fri Jun 29, 2012
Several options we work on your credit to increase so both you and your wife can go on the mortgage. We utulize your wife soley depending on the purchase price and down payment
or we try to identify a lender that will use you and you wife her score and only your income.

Call First Prestige Mortgage Services, Inc I am sure they will be able to assist you.
888-FHA-ROAD or 973-744-8300

Autumn M. Urling
0 votes Thank Flag Link Fri Jun 29, 2012
Those numbers won’t make sense to an underwriter or loan officer unless you have had some serious illness. And don’t go to credit repair to dispute everything, just pay stuff on time. Disputing accurate information just because it is negative is a serious crime, any loan officer or Realtor that tells you to do that is committing a crime as well.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Fri Jun 29, 2012
Your best bet is to work with a credit repair company and get both of your scores up.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Fri Jun 29, 2012
Well said Paul !!! Can I give that answer 10 thumbs up :-)
0 votes Thank Flag Link Fri Jun 29, 2012
I don't believe you'll be able to get a mortgage with that credit score, regardless of your income.

You might convince a seller to hold the mortgage for you or do an installment sale contract, however, they would need to own the property free and clear so there aren't many of those situations. This property is available for an installment sale contract with 25% down. It's $150k and you can see the tour here http://www.visualtour.com/show.asp?t=2180897

If that's helpful, click the Thumbs Up!

Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read: http://hometeamNJ.com/blog
Watch: http://youtube.com/joemontenigro
Meet: http://www.facebook.com/JoeMontenigroREMAX
Search all Homes: http://hometeamNJ.com/search
About Joe: http://hometeamnj.com/about/
0 votes Thank Flag Link Fri Jun 29, 2012
Hello Jay,

If you have the income and she has the credit, it will be tough. If she has decent income, you can go for it in her name and add yours later. Any lender will be able to advise you. Let me know if you need a good one.

0 votes Thank Flag Link Fri Jun 29, 2012
You won't be allowed on the loan until your score improves. The loan would have to be qualified based on your wife and her income would have to be enough to support the mortgage plus and other monthly liabilities that she has. Please call me at 201-604-3485 to discuss further if you'd like.

Al Rapoport
0 votes Thank Flag Link Fri Jun 29, 2012
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