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Answers (4)
Best Answer
- Sheri Moritz, "SheriMoritz"
- Contributions:269
I would contact a lender to determine what your credit score is and what is the best way to go for your situation. I know that Wells Fargo has some options right now for credit scores as low as the mid 500's but requires a higher down payment.
Your best option would be to contact a buyers agent to help you with the transaction and work to get you the best terms and price possible based on your needs. The listing agent for the property works for FM and is obligated to try to get them the best terms and price possible. If you need a recommendation of an agent that works in that are just send me a message on Zillow. I work the Raleigh area and know several agents in Wilson that can help.
Good luck with everything.
Your best option would be to contact a buyers agent to help you with the transaction and work to get you the best terms and price possible based on your needs. The listing agent for the property works for FM and is obligated to try to get them the best terms and price possible. If you need a recommendation of an agent that works in that are just send me a message on Zillow. I work the Raleigh area and know several agents in Wilson that can help.
Good luck with everything.
- Brian Goetz, "bri_gets"
- Contributions:295
Hi Cedman,
You are allowed to finance the home in the husband's name only with the cosigner. We do it all the time. After the purchase closes you can add your name onto the title of the property through a quit claim deed. That way you are a legal owner of the property even though you are not on the mortgage loan.
You are allowed to finance the home in the husband's name only with the cosigner. We do it all the time. After the purchase closes you can add your name onto the title of the property through a quit claim deed. That way you are a legal owner of the property even though you are not on the mortgage loan.
- Andy Matejka, "tejks"
- Contributions:352
Do you have a local bank or credit union where you are members? You might want to visit them to apply. You may benefit from a bank that will hold and service your loan in-house; as a portfolio lender.
Many lenders will have loan minimums but an FHA loan could be ideal for you. The down payment is 3.5% or roughly $1200. If the co-signer is family, they can be a non-occupying co-borrower. IF your credit score isn't high enough, the NOCB must qualify with all their debt and income for the purchase price.
USDA RD loan program is a great program and has reasonable guidelines. Again, talk with a local lender so that you can work on getting mortgage ready.
Check below for property eligibility and more information. You are in Nash County. IF you need the # for the USDA office I can follow up in the morning.
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfp&NavKey=property@11
- Cedmon
- Contributions:2
Let me add to this, I've also thought of applying just through my husband and our friend since my husband's score is significantly higher than my own. (IE only my husband's name would be on mortgage). Is this possible?
Seeking information, loan eligibility with low credit score.
I've researched several types of loans, but am having trouble figuring out what to do next. I'm afraid with our low credit, we won't be eligible for the Homepath Loan from any lenders. Even with a cosigner, I believe they want our lowest credit score to be 620. We might be eligible for the FHA loan, but again, I'm not sure.
I also looked into the USDA loan, which it appears the house may be eligible for. However, I have no idea what the credit requirements are, and I've read that even if you have a cosigner, if his income is higher than the guidelines, you are ineligible. Also, I have yet to figure out where to apply for this thing at (we are in Wilson, NC). Very elusive...
Anyway, if anyone has any information we would appreciate it! Especially information regarding institutions that would even consider touching us with a 10 foot pole. I know our income appears low, but we have very few bills and a low standard of living (which we don't mind--we're both misers). The bad credit is mostly from many years ago, and mostly to do with bad credit cards I had when I first got out of high school.
Also, we are new to the homebuying stuff. Even if we can't get approved for a loan, our high income friend has offered to loan the money to us. If we have to go that route, and I know this is probably a dumb question, am I able to contact the real estate agent handling the FM home on my own? I mean, do I just call her?
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