Need Help Getting A Mortgage
I need to get a mortgage on a home valued at 270,000. The loan amount is 168,000. The problem is my credit is in pretty bad shape. Around a 550. My wife has a score of 660. I have the income and I am secure in my job. Can we purchase this house in my wife's name with me as a co buyer so that our combined income will qualify us? Please give advice.
That is a super easy loan. Any mortgage broker can help you that. Or do an online search for "subprime lender."
Most lenders will use the lowest score.[ Edited by roboxking on Date 10/20/2004 ]
I am selling a house to a buyer that is getting 100% financing, 45% DTI, and a 538 middle score.
You are in great shape. This loan should be a slam dunk for you.
GOOD LUCK
absolutely not a problem, I work for a wholesale mortgage company and we have a program that allows for the greater of the two scores, but as responses above state you should be able to get this loan
myfrogger,
I find it hard to believe that these people are getting 100% financing with a 538 score. That 538 might be the lower of the three scores, since 99% of lenders use the middle of the three. By chance, what is the name of the lender.
As far as wife having a 660 score, she can be the primary borrower and go 100% with stated income all day long.