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Likelihood of Pre-Approval...?

Frequent Contributor

Likelihood of Pre-Approval...?

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%.  Smiley Wink  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.


  1. Credit.  - Me - 671, 629, 600.  Husband - no credit score, some old medical collections
  2. Income.  - Around $3,700 monthly (plus a load of overtime but I don't think that matters)
  3. Source of income. - Brand new railroad job.  He starts in 2 weeks.
  4. Monthly debt payments.  - Right now we are making minimum payments on $23k in credit card debt.  Yes, it's ugly.
  5. Employment - Will start work in 2 weeks for a major railroad.
  6. Assets/Reserves.  -  None.
  7. Location.  Gillette, WY
  8. Property. Single Family Homes
  9. Value.  150K and below.
  10. Occupancy.  Primary residence.
  11. Transaction Type. Purchase/FHA/VA/cosigner...whatever we can get
NFCU Flagship Rewards Visa $25k, USAA MC $3.5k, USAA Amex $3.5k
Message 1 of 4
New Contributor

Re: Likelihood of Pre-Approval...?

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.  Smiley Happy

Message 2 of 4
Valued Contributor

Re: Likelihood of Pre-Approval...?

Is your husband's new job in the same line of work as the previous job? If not, his employment history could be an issue.

Also paying just the min on a credit card with a $23K balance is a BIG issue.

Problem is your Dad consigning will only help in terms of adding income. You and/or husband will need to also qualify for the loan. The only way to do it right now is to have your Dad purchase the home as an investment property and you both live in it and pay him and he pays the mortgage.

If you can get that credit card debt down below 10%, you would most likely qualify if your husband's new job is in the same line of work as the previous one and he has worked in that line of employment for at least 2 years. Your best bet is to get your Dad to loan you the money to pay that credit card down ASAP. That is hurting your scores TREMENDOUSLY!

Most lenders require mid fico of 640...a few will do a 620 but they are getting harder and harder to find.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 3 of 4
Super Contributor

Re: Likelihood of Pre-Approval...?

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


Retired Lender
Message 4 of 4