02-16-2013 11:20 AM
It's ugly. I'm not going to lie. But the fact is that we are moving because my husband just got a great new job, where he will be making almost double what he makes now...and buying will save us a tremendous amount of money (renting a home in Gillette, Wyoming is quite a bit more expensive than buying).
I don't care at this point if my APR is a zillion percent. Or 6%. But I want to know if you think there is anyone drunk enough to lend to us. We never miss rent and we will never miss mortgage payments.
My dad is willing to cosign or co-buy, whatever we need. I'm curious if there is a chance we can do it without him. I'm doubtful. My dad's credit is excellent, damn near 800 and he has a whole ton of money in the bank, so his credit or reserves will not be an issue.
My husband doesn't have a credit score because his only credit history consists of a few old medical collections, some of which are not paid.
I am a veteran and could use the VA loan if I can get it. But I'm a stay-at-home mom with no income.
02-16-2013 11:30 AM
Unfortunately I don't think it's feasible without a cosigner. Your middle score is over 620 which some lenders would be able to work with, but your husband's lack of a credit file really hurts you. He would have to be on the loan since he is earning the income, yet without a score I don't think that can work.
As it stands, your father would pretty well have to do the loan himself and let you both pay the mortgage.
On the upside, if your husband opened a few lines of credit and kept them active & paid up he would get a credit file within 6 months. That's probably not really helpful given your situation, but the process has to start somewhere.
02-16-2013 11:51 AM
02-16-2013 12:16 PM
co-signers can only add income.... they DO NOT make up for credit deficiencies, period.
find a loan officer who can do a manual underwrite FHA and will take alternative trade lines.
alt trades = rent, utilities, ect
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.