No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
After much credit repair and the healing touch of time I was able to purchase a home last summer on an FHA loan. Well since the purchase life has taken a different turn and I ended up with full custody of my three kids and my girlfriend moved in with me. This has left us without enough room in the current home. We want to purchase a bigger house.
Problem is this: We want to keep the current home and rent it out. Ideally we would like her to be able to purchase the new house, but she is self employed and her claimed income is likely to cause a problem. On the good side she has perfect credit 750 plus and is debt free. Does anyone have any ideas?
I am mid 640's, could I be on the another loan just for my income to be used? I have plenty of income to support both homes. We are going to make some calls tomorrow, but wanted a little background before we do.
Thanks
Yeah, my DTI with current home is only 11% With new home included it would still be under 20% or so. Her claimed income alone cannot support the new home which has a purchase price of $240,000. The other factor is we are currently unmarried, we are debating if we should get married before trying this or not? We planned on marrying later this summer anyways, so the timing doesnt really matter.
She doesnt have a DP, I will have to give her that, which isnt a problem. Its kind of complicated, would not have been a problem before 2008, but now everything is an issue.
@Ron6262 wrote:Yeah, my DTI with current home is only 11% With new home included it would still be under 20% or so. Her claimed income alone cannot support the new home which has a purchase price of $240,000. The other factor is we are currently unmarried, we are debating if we should get married before trying this or not? We planned on marrying later this summer anyways, so the timing doesnt really matter.
She doesnt have a DP, I will have to give her that, which isnt a problem. Its kind of complicated, would not have been a problem before 2008, but now everything is an issue.
Take the time and go speak with a LO or Broker. Let them give you your options and explain the differences, and the chances of approval depending on which option you choose. Some LO's and Brokers will just give you their opinion on what they feel will work best in your situation for approval according to their Lender requirements.
Just make the time to speak to them and I am sure you will get all the information you need to get started on your new home purchase.