Re: FHA loan question
01-25-2013 03:44 PM
Also they take the lowest middle score out of your's and the co-signer's and I believe they require 640 but some will go 620. I encountered a similar situation my girlfriend and I are not married but have shared an apartment for 2.5 years. When we applied for the mortgage on the home alot of her old charge offs and late pays have her score below minimum required. We were able to do the loan in just my name but that also meant that I could not use her income so all that happened was we were limitted from 500k pre-approval to 350k.
I would try to see if you can qualify for FHA if you can provide bank statements and profit and loss statements for the business they may allow the income. Check with a broker and have them pull your credit. If anything you will get more direction and know what sort of steps to take and hurdles you will have.
I can definately understand the savings from an apartment to a home. We pay 2450 a month in rent for our 3 bedroom apartment and for a 290k house with escrow for tax and insurance the payment is only 2250.
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