1st post so hello everyone.
Heres my situation. I'm looking to buy a foreclosed home which has more space for my family. The house is priced at $215,000. Its tax value is much higher (don't know if that matters when trying to get a loan). My fiance and I are recovering from loosing our jobs back in 2001. We also had to let some things go in order to go to school. We have both been RN's and at our current job for going on 5 yrs. I have most of out loans in my name and she only has a Sams and Sears card on hers (trying to build her credit) both cards have less than $600 combined on them. Hers our breakdown:
Me- FICO score 670 Income- $45,000
Double wide payment $490
Car #1 payment $600
Car #2 payment $290
Sams Card $70 on it.
Her- FICO Score 650 Income- $45,000
Sams Card $250 on it
Sears Card $300 on it.
D/I gets me but she has nothing really on her since everything is in my name. How should we go about getting a loan since we arent married yet? Who should be the primary mortgage seeker? If it can be her we could get the $8000 tax credit couldnt we, since she would be a 1st time home owner? We can put about $10,000 down. The house we are looking at is listed with Homesteps and they have a Smartbuy coupon but it says it expired January 31st...anyone know if the coupon is still good? On Listingbook they said this:
"Seller may pay up to 3% closing cost on offer accepted by 4/30/10, escrow closed by 6/30/10, but coupon MUST be submitted with origianl offer. Go to www.HomeSteps.com for istructions and coupon under SmartBuy purchase promotion."
Oh on her FICO score it shows that in the 1 month predict FICO score if nothing changes option that her score would be $670-706. Is that thing accurate on predicting future FICO scores? If her score jumps that much then she would be the better option. Is it better to try and get an FHA loan? Any advantage to the house being listed with Homesteps?
Message Edited by wanderlaisilva on 02-11-2010 06:48 PM
