i want to purchase my first home. My documented income is 90,000.00. My husband has an undocumented income.

Asked by Stephanie, vaccaro Mon May 26, 2008

We are looking at homes in the 350-400 range. Is it still possible to get a home loan with undocumented income? We have Ficos in the high 600's. Help!!!

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Tean Wong, Agent, Boston, MA
Thu Jan 21, 2010
You should really call a mortgage broker. Every bank operate differently.
1 vote
Rolland Linc…, Home Seller, USAF Academy, CO
Thu Jan 21, 2010
Good day,Sir/Madam.

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1 vote
Nicole Bailey, Agent, Seattle, WA
Mon May 26, 2008
Hi there!

The short answer to your question is that there are three important factors that go into deciding to grant a loan. The first is credit, the second is down payment, and the third is income. I work with Holmgren and Associates in Montclair. In recent meetings with John Holmgren, he tells me that if you have two of the three you are probably still all right but if you are working with a one sided triangle it will be much tougher. Make sure the combined FICO is over 680 and you should be okay. The new FHA loans will probably work well for your family.

Best regards,

Web Reference:  http://baileyhomegroup.com
1 vote
Jed Lane, Agent, Petaluma, CA
Mon May 26, 2008
Stated income loans are hard to get. Start by looking for a loan broker to work with and let them run your qualifications. Go to the bank that you have a realtionship with also and see what they have to say. Things have defiantely changed in the last six months and if you can't do it now be patient it will change again. The pendulum had swung too far to one side and now has swung to far to the other side and it will calm down. Money needs to be loaned and the money hasn't disappeared.
If you need referrals to loan brokers ask the agents at the open houses in your price range for names of mortgage brokers they would work with. But really go to the bank you bank with and see what they can do.
1 vote
Eric Bryant, , Long Beach, CA
Mon May 26, 2008
You should be fine Stephanie. Find an experienced Reraltor in your area, and they will be able to help you. If you need help doing that, call or email me, I can refer you to one of my sister offices in Berkeley or surrounding area. Best of Luck! The Coach
Web Reference:  http://askPCR.com
1 vote
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