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Married and want to buy a house.?
I am trying to buy a house but can't qualify because I only have 1 active trade line of credit and they are looking for atleast 3.
Do I have any options without dealing with FHA Loan or waiting 2 years to get an established line of credit?
* Can we apply together even though I am the bread winner and use my wifes line of credit?
Here is info about me:
1. married
2. my fico is 760 and 780.
3. I have 100K in the bank (would like to put 20-35% downpayment.
4. First time buyer
5. Been in the US since 2005 (green card holder, soon to be us citizen).
6. wife has good credit and established lines of credit but not currently working.
Thank you inadvance.
Not interested in FHA due to the PMI that we have to pay. Also some newer places don't allow for FHA.
If you arent helpful, please do not answer! I just wanted to get other people's opinion who have some experience in this industry.
We have a real estate agent and have also spoken to some lenders. We do plan to get professional advice but sometimes asking questions to the community is helpful for me. Thank you.
We went to: Bank of America, Met Life, and Wells Fargo!!!! B of A needed 3 FICO scores ( we only have 2), Metlife needed more credit history, and we are waiting on wells but doesn't look promising either.
6 Answers
- Anonymous1 decade agoFavorite Answer
Your only option is an FHA because it's really the only loan that isn't credit driven and really is designed for people who have limited credit. It is also the only program that will allow alternative trade lines to be added to your credit report to establish a credit history. Yes you have to pay mi but if you do a 15 year fixed you will only have to pay the upfront mi but not the monthly mi.
Source(s): I'm a mortgage banker/broker - smithletteLv 51 decade ago
There isn't anything wrong with an FHA loan. And typically, with an FHA loan, as soon as you close on the house, they sell your loan to a different lender anyway.
You should talk to a few different mortgage brokers, because you will find one that will work with you. Your credit scores are good & you are a first time buyer, so I think you probably just need to find the right mortgage person. My husband and I talked to 3 or 4 before we found the right person.
- chatsplasLv 71 decade ago
Well, what's wrong with FHA loan? You may have to jump through a few more hoops, but it works.
Go to broker and get prequalifed.
Posting here will bring out the scammers and spammers.
Your credit score and down payment are excellent. If you're married, you apply as a couple and qualify as a couple. From posting, you should be able to qualify for a loan.
Source(s): real estate investor - 1 decade ago
Because of the financial crisis, many banks have tightened up on the lending criteria. It seems to me that you probably went to your local bank to apply for a loan. Try an experienced and reputable mortgage broker who can shop your loan application with many lending institutions. Your credit score is very good and so is your down payment. A good mortgage broker should be able to get you a loan at reasonable rates and terms.
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- KitKatLv 71 decade ago
Yahoo doesn't need your personal info. share it with your mortgage lender instead. when you know how much you can afford, talk to your real estate agent.
- 1 decade ago
Be careful. In this country, wives use the divorce courts to fund their own personal retirement plans. lol
Sorry to those who gave this statement a thumbs-down, but it's very true. Try visiting your local courthouse sometime and you'll see what I mean.
