can three people purchase a home together? what if you can afford the mortgage but your credit score is not good?

Asked by Deborah Sanders, Queens, NY Tue Oct 25, 2011

mother , daughter and father , what if the score are not the good can two of the three purchase if they have a fair score

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Marco Gomez &…, Agent, Jackson Heights, NY
Wed Apr 24, 2013
if you are going to purchase with 3 individuals because one has qualifying income and creditscore-3 people can go on deed but not all have to go on mortgage. at point point if 1 of 3 wants out or can not pay the mortgage. there are a lot of things to consider and you may want to speak to your attorney , accountant and loan officer. if you would like to speak with a loan office please call Angelo Gionis 631 390 6388
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First Last, , 90002
Wed Oct 26, 2011
One more thing--talk to a lawyer about what happens if in the future, one person wants to sell, and the other two do not, and how interest in the property is affected by the passing of any one person in the group. Also, whether the ownership interest is evenly divided, or not. There are various ways to structure ownership depending on the desired outcome.

Karla Harby
Lic Real Estate Salesperson
917 365 0876
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The Goetz Gr…, Agent, Englewood, CO
Tue Oct 25, 2011
Definitely need to talk to a lender, but yes, you can. You can take title as joint tenants (has the right of survivorship) or as tenants in common (NY may have more, but that's how it is in CO). Your lender will be able to tell you if they can lend to you or not, but if you can qualify for the amount you need with only two of you, that's fine, just have the 3rd pay the other 2. Do you need a lender connection?
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Annette Levi…, , New York, NY
Tue Oct 25, 2011
A lender is going to look to see at least a 2 bedroom home if parents with a grown daughter are buying and saying they will all live there.
Speak with a mortgage officer (you can call me) to check your credit reports to see who qualifies for a mortgage. The ones who have a good enough credit report would need to qualify on their income. If not all 3 on the mortgage, all 3 can be on the deed.
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what if son has the income but no down payment and not good credit and the father-who is retired- has good credit and the down payment - but only social security income?
Flag Sat Mar 23, 2013
Rob Weber, Mortgage Broker Or Lender, Plainfield, IL
Tue Oct 25, 2011
All borrowers on the loan must have a credit score that meets or exceeds the minimum fico score for the loan type you're applying for. Anyone with a below-minimum score wouldn't be able to be on the loan. The remaining borrowers with sufficient credit would be used to qualify for the loan.

A FHA loan for instance will typically need a 620 credit score as of when I write this. Any borrower with a score lower would need to have some credit repair done (if there is an opportunity to do so) or you'd just go with the remaining qualifying borrowers. If you have some time before you're looking to buy, you could work on a few things to up your credit score.

If you're seeking the later, you'll need to have a tailor-made solution for the affected credit reports. There isn't any guarantee for immediate results (unless there's an obvious error) but with time and following a strict formula, those scores will improve to the target score. Your other option is to consult with a credit repair company who does this for a living but will charge a fee but will usually do a lot more work for you along with their fee.

Any other loan officer with an in-depth knowledge of credit repair would also be able to provide limited advice to repair a prospective borrower's credit although not every lender will allow their loan officers to do so
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Anna M Brocco, Agent, Williston Park, NY
Tue Oct 25, 2011
Yes, you can; to determine qualification and affordability visit with any loan officer(s); if you need recommendations, feel free to contact me directly.
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Sergio Herna…, , Naples, FL
Tue Oct 25, 2011
A good mortgage broker will point you in the right direction. Chances are a way to buy a property will be found.
Web Reference:
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Shanna Rogers, Agent, Murrieta, CA
Tue Oct 25, 2011
Hi Deborah,

There is no limit to the number of people who can purchase a home together. Talk to a mortgage broker or the loan department at your bank to see the best way to move forward.

Shanna Rogers
SR Realty
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Tim Moore, Agent, Kitty Hawk, NC
Tue Oct 25, 2011
Yes, you can do this. Speak to a loan officer for the details and to see if you can qualify and how.
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