Posted on: 23rd May, 2010 07:18 pm
Hey,
I am under a Contract with 10% down and 10% closing. I run very small business and mostly have around 100k in Consulting charges income and rest is cash.. I issue very less W2 and have S-Corp for last 6-8 yrs under my name. My wife use to make 55k until she got pregnant with second baby and left job in middle of 2008. She just started back 2-3 week ago at 44k. I am making paycheck for 50k this year though haven't deposited much of this checks as I use my business account very often to pay my bills.
The house I am in contract is 440k and can easily afford it as I pay $1700 rent.
The Credit scores for both of us are 805-810.
No Debts (Zero)
I have my younger brother unmarried who can use the basement and has very high W2 ( more than $120k) who is ready to cosign.
The person I am talking at well fargo is saying I will have to do FHA and says there is no other way..Fha cost 2.2% upfront and $160 every month as insurance for Gods know how long..and I want to avoid it.
1) Is there a way to do conventional with My Brother as cosigner?
2) We dont want his name on title as I will be living and paying everything?
3) Is there a way to show my wife"s few weeks paycheck and use my paycheck and can get Conventional by ourselves since we have excellent scores and no debt.?
I am under a Contract with 10% down and 10% closing. I run very small business and mostly have around 100k in Consulting charges income and rest is cash.. I issue very less W2 and have S-Corp for last 6-8 yrs under my name. My wife use to make 55k until she got pregnant with second baby and left job in middle of 2008. She just started back 2-3 week ago at 44k. I am making paycheck for 50k this year though haven't deposited much of this checks as I use my business account very often to pay my bills.
The house I am in contract is 440k and can easily afford it as I pay $1700 rent.
The Credit scores for both of us are 805-810.
No Debts (Zero)
I have my younger brother unmarried who can use the basement and has very high W2 ( more than $120k) who is ready to cosign.
The person I am talking at well fargo is saying I will have to do FHA and says there is no other way..Fha cost 2.2% upfront and $160 every month as insurance for Gods know how long..and I want to avoid it.
1) Is there a way to do conventional with My Brother as cosigner?
2) We dont want his name on title as I will be living and paying everything?
3) Is there a way to show my wife"s few weeks paycheck and use my paycheck and can get Conventional by ourselves since we have excellent scores and no debt.?
Welcome vikas,
You can go for a conventional loan with your brother as a cosigner. You can start speaking to other local lenders and check out if they can offer you a conventional loan. If your brother cosigns for the property, then you will have to include his name in the property deed. You will have to check out with the lender whether or not he would consider your wife's income and let both of you take out the loan without a cosigner.
You can go for a conventional loan with your brother as a cosigner. You can start speaking to other local lenders and check out if they can offer you a conventional loan. If your brother cosigns for the property, then you will have to include his name in the property deed. You will have to check out with the lender whether or not he would consider your wife's income and let both of you take out the loan without a cosigner.
Vikas,
Welcome to mortgagefit.
When person becomes co-signer for the property,by default his name will be included in the property deed so if you are thinking about getting help from your brother then his name will be included in deed.
FHA is a good option for those who are having not very good credit score but as far you are concerned you have good credit so I will recommend you to go for conventional one.
keep in touch...
:arrow: :arrow: :arrow:
Welcome to mortgagefit.
When person becomes co-signer for the property,by default his name will be included in the property deed so if you are thinking about getting help from your brother then his name will be included in deed.
FHA is a good option for those who are having not very good credit score but as far you are concerned you have good credit so I will recommend you to go for conventional one.
keep in touch...
:arrow: :arrow: :arrow: