Hello,
I am becoming impatient a bit with the whole process of everything I need to have in order and since I am completing my divorce process I need a place to call home soon. The price of renting where I live is about double than what it would cost to own. My credit is starting to be in the right place but I still have one charge off that I am trying to pfd and one collection to deal with that could take months to good will and I also have less than a year of income history as I was a stay at home mom for almost 8 years and only worked a few freelance jobs during that time. I don't want to wait to have two years of employment history. My dad has never been a homeowner and is retired with an ok income and an okay credit history. Am I able to buy a humble 110,000$ condo with him on the loan and me on the deed and within two years when I income qualify by having two years of pay stubs can I refinance to have only me on the loan and remove him?
My income is currently around 35,000/yr as I am just getting back at it again. His retirement income is in the neighborhood of 40,000/yr. He owns his paid home out of the the country where he spends most of the year and only comes back to the US quarterly to stay with and visit his kids. My scores are updating this week but they are panning out to be in the 660s and his is higher than mine. I have one charge off that I am dealing with and 1 collection that I am pfd. along with two student loans for $1553 and one of $6000. I have no car note or other loans. He has a report with some lates and a closed card with some lates. I have 10,000$ set aside.
If only anyone would take 6 months of employment history then I can get a temporary apartment for the next 6 months while I build up my employment history but from what I hear you need two years.
This may sound like a crazy alternative but please let me know if this is possible?
Thanks.
