Home Buying in Mount Vernon>Question Details

Leanna, Home Buyer in Mount Vernon, WA

1st time home buying

Asked by Leanna, Mount Vernon, WA Sat Feb 23, 2013

if the person i am buying a home with has bad credit but i dont but works a full time job and a part time job and i only work part-time would i still qualify for a loan?

This question was asked from this property: http://www.trulia.com/property/3101121758-3011-Briarwood-Cir…

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That is an open question! You will need to get with a local mortgage broker and have them see how they can help you and your friend! There are so many programs for buyers right now. I sure hope you can get the home you need. The interest rates are so good... you will want to be a buyer before the rates go high again . Also there are ways to improve your friends credit and up the score! If you can buy now on just your income on a part time job, look for a house priced low for your income and payment, maybe you can use the house you purchase now for a rental income property in the future. Look ahead! Sounds like you just need a little direction from a professional. Good luck!
Lenders look at this ratio when they are trying to decide whether to lend you money to purchase a home. A low Debt (what you owe, monthly bills, bank cards, car payments etc) to income ratio (how much you make a month at work) you want to show lenders you have a good balance between debt and income. Lenders like this number to be low -- generally you'll want to keep it below 36, some can go higher but the lower it is, the greater the chance you will be able to get the home loan to purchase your home! It is a good idea to meet with a lender!
1 vote Thank Flag Link Tue May 27, 2014
First, the only person who can approve or deny your applications is a lender with a full file. Your good credit however does not make up for their bad. Lenders will consider the middle score of the weaker borrower when looking at programs. One job, two or three, if they don't pay their bills on time, a mortgage lender will have a difficult time believing this will change.
Speak to some lenders and let one have a full look at the application. If you can't get approved now, a good lender can advise you what to do to improve the scores and get you on the right path sooner.
1 vote Thank Flag Link Sat Feb 23, 2013
You will absolutely want to get with a respected lender and team up with them to decide your best course of action. An option you might want to look into is teaming up with a credit repair company like Lexington Law to see if there is anything that can be done to raise the other individuals credit score. They do charge a monthly fee while working with you but from my experience they can usually be of some help. Good Luck!!
0 votes Thank Flag Link Fri Jan 30, 2015
As a mortgage Broker, I cannot answer your question in any reasonable way with knowing a lot more about your situation. You want to figure all that out before you go looking for a home to buy. Feel free to contact me anytime directly & I would be happy to help you.

Good luck to you in any case,

Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
Web Reference: http://tristarfinance.com
0 votes Thank Flag Link Mon Feb 25, 2013
I actually have represented the buyers that have a contract on this home...it is pending with an all cash quick close deal as soon as the short sale is approved. If you need representation please contact me...we can meet and discuss your realty needs.
0 votes Thank Flag Link Sat Feb 23, 2013
Try speaking with a local reputable mottgage lender...Bank of the Pacific...Sterling....Peoples....they will answer your Q's...it sounds like you woll have to team up...good income with good credit...good luck
0 votes Thank Flag Link Sat Feb 23, 2013
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