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.
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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