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Answers (4)
- Janice Copeland, "janicecopeland"
- Contributions:16
Hi Molly,
You are asking a very good question. I highly recommend that you call a lender in your local area and get a few minutes with a lender with at least 5 years experience-- share your story as you shared it here, and learn from the lending expert. The lender will be able to share with you what mortgage options are open to you, explain all about your closing costs, share what you are preapproved for and everything else there is to know about buying a home. As you know, buying a home is a LARGE dollar amount purchase. So this is not the time to hurry. Do your homework and learn as much as you can so that you go into homeownership with your eyes wide open. Good luck!
You are asking a very good question. I highly recommend that you call a lender in your local area and get a few minutes with a lender with at least 5 years experience-- share your story as you shared it here, and learn from the lending expert. The lender will be able to share with you what mortgage options are open to you, explain all about your closing costs, share what you are preapproved for and everything else there is to know about buying a home. As you know, buying a home is a LARGE dollar amount purchase. So this is not the time to hurry. Do your homework and learn as much as you can so that you go into homeownership with your eyes wide open. Good luck!
- Karen Paytas, "Karen. Paytas"
- Contributions:77
If the loan is going to be in your name only your income matters. Since you don't make enough to buy a house and your boyfriend has the income you both need to work on correcting the issues in your credit.
Good Luck!!
Good Luck!!
- Katherine Cannon, "highheeledhomeowner"
- Contributions:107
Your credit will have to be brought up at least 20-30 points, which sometimes doesn't take long at all. If his credit isn't going to be on the loan, his income won't either. You'll need to fit all of YOUR monthly debt (including the mortgage payment) into around 43% of your monthly income. So if you make $1000 per month, any debt you have including your mortgage can't exceed $430 per month.
Definitely talk to a mortgage lender about what exactly needs to be done about your credit in order for both of you to qualify! Might be easier than you think!
Definitely talk to a mortgage lender about what exactly needs to be done about your credit in order for both of you to qualify! Might be easier than you think!
- Mark Gelbman, "Mark Gelbman"
- Contributions:222
We only count the income of the person(s) that are on the mortgage. Your credit score of 590 is also below our minimum of 640. I would look at improving both of your credit scores, so that you can both be on the mortgage in the future.
how do I go about finding a first time buyers loan?
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