Posted on: 01st May, 2011 01:20 pm
I want to buy a home for like 60,000 and willing to put down 10,000. I have good credit but no income husband has poor credit and is it possible to get a loan.
Hi asma,
Though your husband has a poor credit, I hope he has a stable income. In such a situation, your husband can co-sign for the mortgage. This will help you in getting a mortgage in order to buy the home.
Though your husband has a poor credit, I hope he has a stable income. In such a situation, your husband can co-sign for the mortgage. This will help you in getting a mortgage in order to buy the home.
You have not mentioned whether your husband has stable income or not. My suggestion is please check with an attorney and explain your situation, he will help you definitely.
Sorry, but an attorney isn't the person with whom you need to have a conversation about obtaining a mortgage. Of course, an attorney might know a nice, friendly loan officer who can help, and who might get his recommendation.
The place to start is with the lender itself. Speak with your favored lender and see what your chances are of obtaining a loan. Poor credit, regardless of his income, will not help your husband too much; and of course, your lack of income hurts your chances as well.
Beware the sub-prime market; even though "it doesn't exist," there are plenty of lenders out there who'll be happy to discuss a mortgage with borrowers such as you.
Be careful...that's the best advice.
The place to start is with the lender itself. Speak with your favored lender and see what your chances are of obtaining a loan. Poor credit, regardless of his income, will not help your husband too much; and of course, your lack of income hurts your chances as well.
Beware the sub-prime market; even though "it doesn't exist," there are plenty of lenders out there who'll be happy to discuss a mortgage with borrowers such as you.
Be careful...that's the best advice.
