piftisha wrote:
Is there any chance of us getting a very low or 0 down mortgage? We both have verifiable income (via pay stubs & W-2s), and he makes just slightly more money than I do.
Any advice? I would also be interested in some kind of interest only for the first 1-3 years and then a fixed mortgage thereafter, because I am a new attorney (practicing only 6 months) and our income is going to go up substantially within the next 12 months.
Too many what ifs. You can probably get a loan, but whether you can afford it or not is something else altogether.
I would have a go at your husband's adverse TLs. Does he have any lates, chargeoffs, collections, repos, a BK, high CC debt?
There are mortgage products which use all 6 scores (your 3 and his 3). Not sure if they average, take a median score, take both your median scores and then average, or something else.
If you want, PM and I can put in touch with a mortgage broker who knows credit issues.
