Posted on: 29th Jun, 2010 05:38 pm
Attempting to purchase a home using my mother as the buyer and her income is not enough but credit is 668. Can I be the co buyer or co borrower if I am married? My mid score is a 651. What are my options. Some people tell me I need a 660 for a conventional loan. Please help
Those scores are fine for an FHA loan which does allow for non-occupying co-buyers.
So even if she does not qualify for the home on her home, I can still cosign or co borrow for her? Also is there any rules on community property if I cosign or co borrow?
As long as you co-signing on the loan with her adds enough income to qualify yes.
In what state will she be purchasing?
In what state will she be purchasing?
Texas
Hey kelley,
If you and your wife are staying in Texas, then the community property laws will come into affect. If your name is added to the property deed of your mother and if you pay off the dues from community funds, then your wife can claim community interest in that property.
If you and your wife are staying in Texas, then the community property laws will come into affect. If your name is added to the property deed of your mother and if you pay off the dues from community funds, then your wife can claim community interest in that property.