Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 165
Registered: ‎04-04-2008
0

Anyway to get around income?

Here's my situation. I'm close with getting my fico score to par, right now it's EX 608, EQ 637 and TU 657. I just found out one of my last 2 collections are getting deleted, hoping for a bump from this. My income is low but savings is high. I currently (dont laugh) only make about 9500/yr since I had a baby and went down to part time. I also get 200/ month in child support making it 11500/yr. I have 10K to put down and can get 5k gifted from my dad if needed. I only have student loans with a balance (CC's are paid off) but they are deffered until 8/14 (maybe longer at this rate). What I wanted was a 50-60k house. Taxes are like 1500/yr....homeowners insurance about 600yr. It'll be my first home and I'm finding it hard to find a bank that will finance a house of this price, is my income too low? I've been there 6 years and was told I can write a LOE when I go back full time but I'm trying to get a home before this since I don't know when I'll be full time again (it's up to me but I enjoy my time with my daughter). My boyfriends not going on the loan (lack of job history and credit) and my dad could co sign but his DTI is REALLY high because he retired. 

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Anyway to get around income?

[ Edited ]

Target1212 wrote:

Here's my situation. I'm close with getting my fico score to par, right now it's EX 608, EQ 637 and TU 657. I just found out one of my last 2 collections are getting deleted, hoping for a bump from this. My income is low but savings is high. I currently (dont laugh) only make about 9500/yr since I had a baby and went down to part time. I also get 200/ month in child support making it 11500/yr. I have 10K to put down and can get 5k gifted from my dad if needed. I only have student loans with a balance (CC's are paid off) but they are deffered until 8/14 (maybe longer at this rate). What I wanted was a 50-60k house. Taxes are like 1500/yr....homeowners insurance about 600yr. It'll be my first home and I'm finding it hard to find a bank that will finance a house of this price, is my income too low? I've been there 6 years and was told I can write a LOE when I go back full time but I'm trying to get a home before this since I don't know when I'll be full time again (it's up to me but I enjoy my time with my daughter). My boyfriends not going on the loan (lack of job history and credit) and my dad could co sign but his DTI is REALLY high because he retired. 


 

My advice to you would be to check out down payment assistance programs or maybe rural development or community betterment programs... If your scores are good but income low; you may qualify for some help with getting the loan... typically these programs have special lenders that will work with you. Talk to your local housing authority to see what programs they have!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Moderator
Posts: 9,869
Registered: ‎03-06-2010
0

Re: Anyway to get around income?

No, you have to have the income to support the loan. No way around it.

Moderator
Posts: 9,869
Registered: ‎03-06-2010
0

Re: Anyway to get around income?

Webhopper, I agree with the idea of the down payment assistance program; however, even with those programs the borrower has to have enough income to support the loan. The taxes and insurance alone eat up a large portion of her annual gross income.

 

To the OP, how long have you been part-time?  Are you 1099 or W-2 type employee?

Can you show the child support as a consistent income and that it will continue for the next 3+ years?

 

 

Regular Contributor
Posts: 165
Registered: ‎04-04-2008
0

Re: Anyway to get around income?

I am W-2 and can show 2 yrs of steady childsupport along with court order it will continue another 8yrs. It just sucks I pay soo much more for rent without being late ever. The houses around here are possible to find a decent home for 50k with 20% down (or more) I was hoping my income wouldn't be as important. I understand I need enough to show I can pay, I also have no other debt, if they don't count in my student loans. If I have to I can wait until I go back full time and do the LOE then I'll be at 21000 a yr plus child support. But, If I take on an extra day a week say and go up some more hours, how many months would I have to show in check stubs? I was over full time the first half of 2012, then took 3 months off, two were paid, then went to part time. So my total w-2 will only be about 12000. 

Regular Contributor
Posts: 165
Registered: ‎04-04-2008
0

Re: Anyway to get around income?

The downpayment's not really an issue, as I said I have a good 10K I can put down and another 5 my dad would gift, not looking for a huge home, just a starter. I have seen ones as low as 40k. But most are around 50k.

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Anyway to get around income?

RD Direct loans offer payment terms up to 38 years and payment assistance to keep your rate at effectively 1% Total debt ratio allowed is 41% backend and 29% front end. Not sure if this would work but a similar program is likely available if you search and ask the right people.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Regular Contributor
Posts: 165
Registered: ‎04-04-2008
0

Re: Anyway to get around income?

Thanks webhopper! I didnt think about anyone offering more than 30 yr. I just hve to make sure I can pay it off early! Thanks!

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Anyway to get around income?


Target1212 wrote:

Thanks webhopper! I didnt think about anyone offering more than 30 yr. I just hve to make sure I can pay it off early! Thanks!


No problem!  A 29% front end ratio doesn't give you much wiggle room at all on yourpayment, but I'm going to be hopeful that you can at least find some good information and with the down payment, you may be able to make it happen.

 

Good Luck!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.