Can we get approved?

My husband and I found our perfect house for $250k.

We are both employed for the long haul and together gross $81k per year- but only been employed at our current jobs for two months. I just got my Master's and he has moved to be with me. In the past three years he has been employed the entire time except when job searching. He's always been in the same field and never been fired. His credit is ~720, mine is ~580. I was a broke grad student and couldn't always pay my credit cards. The past two months I have taken steps to repair my credit. I now only have about $2000 left. He has a car payment of $170 a month with $6000 left on the loan, I have $70k in student loans that I start paying next June.

We will have a down payment of 5-7%. We don't expect to be able to bargain for rates, but we're trying to work with what we have.

We would not be getting in over our heads with this property (our mortgage would be between $900-$1300).
Is a bank even likely to approve us? It would be ideal for us to wait until my credit was better, but we may not have that luxury with this house. It's in a very small town where few opportunities exist, and it hits everything on our "wanted" list, hence the hurry.

  • November 18 2012 - Sheridan
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Answers (4)

We have a few products that fit your mold. There are many questions that would have to be answered 1st.  What state willyou purchase the home?  What was the last late payment date and do you have any outstanding collections.  It is best to have a complete application to research and determine your situation and see if you qualify for one of these products.
  • November 28 2012
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I would talk to a few lenders. Some will actually help repair your credit and do a rapid rescore. You really need to get that fico score up. 
Good Luck.
  • November 27 2012
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Hello...I agree with Tony's answer below. Our investor overlays allow for credit scores between 580-640 but would need more information to see if you fit the criteria. If you would like more information---My contact info is on my profile link above. I would love to help.


Ivan Diaz
  • November 27 2012
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From the information you have here it does not sound like your employment history would be a major issue.  the bigger issue could be your credit.  My suggestion would be to make a formal loan application, it sounds like at worst case your husband could finance the home on his own depending on what his individual income is and you could be on title.  feel free to contact me to discuss your in more detail.
  • November 18 2012
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