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Is it possible for me to get a loan?

Hi there,

My husband and I have been renting a house for the last 3 years from my dad.  We have been making the mortgage payments of $1100/month.  The house was recently appraised for $180K, and we could put down about $40K (slightly over 20%).

Thing is - neither one of us have much credit, and the credit we do have is not great.  However, any debt we have ever incurred has been from only student loans, and medical bills - no credit card debt.

We would like to try and get a mortgage to buy a house, but we are afraid of the banks laughing at us.  We both have steady jobs, and make a decent income...and we can obviously pay the mortgage payments, but we are scared, and arn't sure where to start.

Do you think it's even worth trying?
  • August 14 2013 - Louisville
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Answers (9)

Would you happen to know your FICO scores? If not, then you will need to contact a loan officer/broker to have your credit pulled/analyzed. Please review my profile and I would be more than happy to assist.

Thanks   

  • August 14 2013
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You are in a common position for buying a house. Credit may be something that you want to work on for a couple months before you go through with it. Although most want to stay away from credit cards, the definitely help for improving your credit score. I have seen clients with no history get a couple prepaid credit cards (you put money on the card and it reports to credit), let them season for a couple months, then they will have a positive impact to your score. Also, your father can do a gift of equity to you when you purchase the home as well so down payment will be less of an issue. The steady job, decent income, and savings is a good thing when looking to buy a house. Get in the hands of a good credit repair company and you should be good to go by the end of the year!
  • August 14 2013
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Thank you so much for your advise!  I will talk this over with dad & husband. :)  I feel a lot better now!
  • August 15 2013
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Matthew is right on. Look at your credit and make sure you take the time to get it right. It will make the transaction much more smooth. You have time. If you need a good credit repair guy, I have one that I send people that does good work. 

Good luck. 
  • August 15 2013
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I have closed a couple of escrows this year with people in your position.  I have a lender that can assist you in this position and a simple phone call is all you need for us to see if this could work for you also.  This strategy would also work regarding purchasing the house you are in now, and / or purchasing another property on the open market.  You are welcome to look at my profile and send me an email or just call my cell phone direct and talk to me for a few minutes.  I will give you the lender information and the name of the two clients that have used this program THIS YEAR.  The only thing holding you back now is fear.  
  • August 15 2013
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I've read LOTS of great advice and agree that things may not be as bad as you think. I have a lender who loves to work with couples in your financial situation, so perhaps I can introduce you?

If so, please feel free to call me to set it up. No obligation, just trying to help!

All the best!

Michael

  • September 23 2013
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What a great question, and it's completely understandable of you to consider your options and see how you can approach such a sometimes uneasy task.  I would be glad to assist you in any way, we can provide mortgage planning for you and give you a place to start.  Make sure you find a lender with a heart of a teacher, great question!

  • October 09 2013
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Good morning! The best way to find out is to not be embarrassed by speaking to a loan officer and just do it. They won't laugh believe me because they are really there to help and to help you get a loan should you choose them!

If you need some suggestions of companies/officers to speak to, please contact me and I would be happy to help connect with you with someone!

Have a great day!

Michael Thacker
REALTOR
  • October 10 2013
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yes it is possible to Purchase the home that you are living in.
Please follow up with me and I will give you some options.  It will only take about 10 Minutes of your time to let you know what we can offer.

I have worked with several people in the past and have helped them Purchase the home they were staying in.
Please reach out to me when you get a moment.
  • September 17
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