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Qualify for mortgage

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vanilla
Valued Member

Qualify for mortgage

My SO and I will soon have opportunity to buy his dad's house. I really want that house. Here's my situation... Yearly income gross: 25000 Only debt is student loan 8272, but it's in deferment right now. My ficos are: TU 673, EQ 655, EX 679. CCs are all under 10% util. All unpaid collections are gone. There are 4 paid ones from a few years ago I'm trying to get off ASAP. HE...will not let me pull his scores. His yearly income is about 63000. His only debt is a car loan, he got it just a few months ago. He seems to be proud that his CCs are under 50%, no matter what I tell him. The house and prop was last appraised around 91000. For the down payment, I have around 4000, and he has at least twice that in savings (I think). Chances? Rates? I really want that house.
Message 1 of 6
5 REPLIES 5
DallasLoanGuy
Super Contributor

Re: Qualify for mortgage

student loan payments will be excluded from dti ratios is they are deferred for 12+ months
 
low 6% range on fha
 
if seller can pay closing costs, then the 3% down will be most of the out of pocket expenses..... unless you put down earnest money or something.
 
If you do run into issues.... equity seems to cure credit issues(somewhat) and I believe that FHA allows gift of equity. Which means that you may be buying the property a little below market value and
 
 
Retired Lender
Message 2 of 6
mborgens
Valued Member

Re: Qualify for mortgage

HE...will not let me pull his scores. Isn't that concerning? Gigantically concerning?
Message 3 of 6
DallasLoanGuy
Super Contributor

Re: Qualify for mortgage

HE might not want the inquiry......
 
You know..... that OVERRATED inquiry.
 
;-)
 
Retired Lender
Message 4 of 6
vanilla
Valued Member

Re: Qualify for mortgage

Oh right, I did forget to mention that his dad wants to sell it to us for less than market value.

As far as his scores, I know they're not too bad, he's very responsible. He's just weird about his stuff, I guess.
Message 5 of 6
ShanetheMortgageMan
Super Contributor

Re: Qualify for mortgage

Not trying to get in the middle of the relationship but is he not wanting his scores to be pulled to save himself the inquiry or because he doesn't want you to know the details on his credit?  If it's the latter, I'd work on the trust level between you and your SO (same thing applies to how much reserves he has)... if it's the former, then he's just being responsible about unneeded credit pulls, however a myFICO.com credit pull wouldn't impact his scores so I'd suggest that to him.
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Message 6 of 6
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