We are thinking about buying a home we have about $24,000 to work with and the homes we are looking at are about $110,000. Can we do it?

Asked by Ihaveaquestion, 84041 Tue May 1, 2012

My husbands credit is not good, but he has a golden work history.
My credit is decent but I have a car payment $200.00 and a student loan payment $52.00
My grandfather said he would co sign his credit is 782.

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6
Brad Allen, Agent, Ogden, UT
Wed Jul 3, 2013
The most important thing you can do is work with a solid lender who will answer your questions without immediately wanting to pull your credit. Sit down with them and tell them your situatation and be completely upfront with everything you know about your credit history, don't hold anything back regarding your finances, let the loan officer decide if it's relevant or not. Once you've laid it all out on the table and discussed all the options, then decide with the loan officer what the next step should be. Most likely with a co-signer with 782 credit if there is solid income something should be able to be done for you. If you need a referral to a solid lender, let me know I'd be happy to refer a couple.

All the best to you,

Brad Allen
John W. Hansen & Assoc.
801-391-0870
0 votes
Justin Robins, Agent, Utah State, UT
Mon Jun 10, 2013
You need to be speaking with a loan officer. That is your very first step. Try Mike Christian with Republic Mortgage. His phone number is: 801-870-9669.


Justin Robins
Cornerstone Real Estate
801-499-0214
http://www.homesforsaleinlaytonutah.com/
Web Reference:  http://www.UtahHomesToGo.com
0 votes
, ,
Wed Feb 6, 2013
Good evening Ihaveaquestion,

When you state, "my husband's credit is not good," what exactly do you mean? First, if you mean that a Banker has told you the credit is insufficient to qualify for a loan, well, that's one thing. Second, if you mean that you both feel his credit isn't sufficient because you KNOW there are collection agents banging down your door (or calling your cellphone every twenty minutes), there's another thing. Third, if you mean that you're fairly responsible but you have had some late payments in the past, well, that's another thing entirely.

The person who can best answer your question about qualifying for a mortgage loan is your Local Mortgage Banker. Find someone with at least 15 years experience in the industry, set up a face to face meeting, bring all your documentation, and find out if you can qualify to buy a home. You might be pleasantly surprised. Or, you might get a cold splash of the truth (that's why you want an experienced Loan Officer, we don't hold any punches) and discover you're not yet ready to buy a home.

Before you start talking about a cosignor, see where you and your husband stand on your own. Owning the home will be your responsibility, after all.



Good luck!
Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes
Fabian Amari…, Agent, Ogden, UT
Wed Feb 6, 2013
It's hard to look at the overall financial picture with just those facts. The short answer is yes. The question is, would you sacrifice a good interest rate to buy now or would it be worth to you waiting just a little to maximize your chances of getting the best deal possible. I know a few very competitive lenders, in Davis County, and they will be very up front with you...they won't jerk you around. Maybe the answer is not what you want to hear, but they'll be very honest with you. Call me and I'll put you in touch with one of them. 90% of the times a purchase goes wrong, it has to do with the loan. I work with people that offer no surprises to the buyers.
0 votes
Heather Smith, Agent, Clearfield, UT
Wed May 23, 2012
The answer isn't as easy as a yes or a no. Most likely, with that portion of a down payment, your grandfather co-signing AND...you don't have a bankruptcy, foreclosure or short sale in the past 3 years, you could. Mortgage lenders are a big challenge right now. They give pre-qualifications pretty easily still, but that doesn't guaranty you'll get the loan. You need a good loan officer, not a broker probably, that will put you through underwriting to the extent that you know without a doubt you can qualify. It sounds complicated, and it is. That's why you use a specialist who can make it look simple and explain it well. Not sell you a bunch of hogwash and loose your money and time. You want an officer and an agent who will help you make educated solid decisions. It's all possible.

If I can answer any other questions, feel free to let me know. Good luck! There are some super fantastic homes we're seeing out there and one just may have your name on it soon!

Heather (YourRealtorHeather@gmail.com)
0 votes
Joseph Sousa, , Orem, UT
Thu May 3, 2012
Hello, where are you looking for your home? I have a loan officer who works with people in situations like yours. Contact me at josephtheagent@gmail.com or call 801-885-2514 Joseph with Keller Williams Westfield in Orem.
0 votes
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