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Replies (4)
- B Mike West
- Contributions:240
When two people apply for a loan the one with the lower credit score is the one the lender will focus on for the loan.
You may be able to get creative and buy a home but there will be challenges. Your best bet is to contact a local loan officer and discuss your options.
Will Jenna be willing to loan Mark the down payment? Will Mark be comfortable being the only one responsible paying for the loan? Once the dust settles Jenna can be put on title but only Mark alone will be responsible for the loan. How solid is your relationship?
You might be better off waiting, Mark saving some money and Jenna working to improve her credit.
Best of luck to you.
You may be able to get creative and buy a home but there will be challenges. Your best bet is to contact a local loan officer and discuss your options.
Will Jenna be willing to loan Mark the down payment? Will Mark be comfortable being the only one responsible paying for the loan? Once the dust settles Jenna can be put on title but only Mark alone will be responsible for the loan. How solid is your relationship?
You might be better off waiting, Mark saving some money and Jenna working to improve her credit.
Best of luck to you.
- MarkandJenna
- Contributions:2
Thank you Mike!
- Jody Davis, "Jody Davis Realtor"
- Contributions:3
Hello Mark,
As long as the property fits the FHA guidelines, there is a program available for you that not many people are aware of. The program allows you to get into a home with as little as 1/2 percent down with the seller contribution of 3% toward your closing costs. This would be all you would be out of pocket. The funds for the down payment could come from a family member or mutual partner. Feel free to contact me for more details on this program.
Have a great day and feel free to contact me for any of your real estate questions.
Jody Davis
As long as the property fits the FHA guidelines, there is a program available for you that not many people are aware of. The program allows you to get into a home with as little as 1/2 percent down with the seller contribution of 3% toward your closing costs. This would be all you would be out of pocket. The funds for the down payment could come from a family member or mutual partner. Feel free to contact me for more details on this program.
Have a great day and feel free to contact me for any of your real estate questions.
Jody Davis
- Darrell Self, "Darrell Self"
- Contributions:349
One alternative to consider if you have the time is to work on your credit so that you both could qualify. A second option would be look for an agent that can assist you with locating owner or seller financed properties if you are wanting to move more quickly.
I have great credit and no money, she has money and terrible credit
Thank you in advance for your suggestions.
Mark
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