620 SCORE HELP

First of all. We are leasing a home for 2 yrs and with option to buy . Payment at 850.00 mthly. My wife has good job . Went to bank and bank says she doesnt qualify for the loan. She qualifies for 98,000 loan, we needed 149,000. We were going to put up 20%.They cant use mine income do to its w/c money . We have $ comeing in we cant prove but its there. Like rental money from old house, rental lots. Now we dont know what to do we love our home, we been here 6 ths. Reason we want to buy now ,because im getting a little settlement, Any advice please

Comments(2)

  • ray_higdon11th May, 2005

    I would reccomend finding a mortgage broker in your area familiar with investor products. Try the lender tab at the top of the page
    [addsig]

  • InActive_Account15th May, 2005

    You are limited by the 620 score to maybe a full doc loan where the lender considers DTI (debt to income) and establishes what you can afford. Get your credit score up to around a 650-660 and you may be able to do a no doc or stated loan which means you can "state" what your income is instead of showing what your income is.

Add Comment

Login To Comment