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FHA Loan?

Hello, 
I have a mid score of 639 lingering.  My fiance has a mid score of 670. 
Our combined income is 99K. (Mine 60, His 39)
He has minor credit issues, none in collection, his negative accounts are all 5 years old and under 1200. 
I have 1 charge off that is 6 years old for an auto 11k, and a few collections prob totaling 5K all are about 6 years old. 
My aunt is willing to gift us the downpayment and closing up to 15K.
I have been employed same place for over 3 years, same industry for 8.
He was unemployed for from 2004 to Jan 2013. 
Can we qualify for a mortgage? 
There is a great home on the market and Im sure I could sellers assist its sitting empty.  I only have about 3K in my bank account right now, dont know if that matters with aged reserves.
Wondering if we could realistically take advantage of our dream home being empty right now.
  • August 29 2013 - Barclay-Kingston
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Answers (7)

Did you find a home? Will your aunt live with you? Regarrds,
  • August 29 2013
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In regards to your husbands employment a written explanation would suffice because he would fall under an individual who rejoined the workforce after an extended absence; this case care for children. 

No reason to be nervous. 

  • August 29 2013
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He stayed home with the kids.
  • August 29 2013
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Thank you.  I have actually spoke with two brokers,one who needs me to get to 640 and was willing to use his income.  The other pre-approved us with both incomes under 640 with a super high rate. I guess I was looking for feedback to see if I actually could obtain a loan.  Because with the two brokers I have been in touch with Im a little nervous because we speak go over every detail and then questions arise that they already answered and it makes me super nervous. For ex: no your old debt doesnt have to be repaid, then yesterday have you done anything with this old debt.  When I say no because you told me I didnt then the response is its not required we will just have to play up other positive factors.

your response was appreciated and is totally opposite from what they have said.  

I really appreciate your response.  :) 
  • August 29 2013
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Hello,

Thank you, for your questions that you posted here on Zillow.  You would really want to discuss these options with a loan officer over the phone or in person. 

We can only give an opinion here but there may be something that you are missing.  You do not need to pull credit right away, just a "what if" scenario with someone to see what they think and then go for a pre-approval.

Simple process just to find out the reality of your situation.

Your husband, did he go to school or did he care for your children, family members?

  • August 29 2013
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Meet/ talk  with a loan officer to get pre approved and to ask these questions
  • August 29 2013
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You probably will have to pay off the collections.  Your best bet would be to run through an application with a loan originator to find out for sure.  Your credit scores are good enough, but your debt-to-income ratio will need to be looked at as well.  His income wouldn't be able to be considered because of the long gap and that he can't show a recent 2 year work history.  You would need to qualify with your income alone.  Feel free to contact me through my profile.  Good luck!
  • August 29 2013
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