Posted on: 05th Jul, 2009 07:35 pm
Hi
Thanks in advance for spending time on this question. My wife and I currently have a home that we are trying to sell. It may take a while in this market. In the mean time we would like to purchase another property that is 165,000. We are going to put down $50,000. Our only debt is 2 car payments of $400 and $200 and our current mortgage payment. Both our scores are over 750. My wife is not working right now and my income does not meet the income to debt ratio. If I put my parents on as a cosigner what do you think the chances are of them approving me for a second home while the first is for sale. My parents have a 780 credit score and own their home free and clear. They have zero debt. Do you think I have a shot?
Thanks
Thanks in advance for spending time on this question. My wife and I currently have a home that we are trying to sell. It may take a while in this market. In the mean time we would like to purchase another property that is 165,000. We are going to put down $50,000. Our only debt is 2 car payments of $400 and $200 and our current mortgage payment. Both our scores are over 750. My wife is not working right now and my income does not meet the income to debt ratio. If I put my parents on as a cosigner what do you think the chances are of them approving me for a second home while the first is for sale. My parents have a 780 credit score and own their home free and clear. They have zero debt. Do you think I have a shot?
Thanks
Hi CLS,
Both you and your wife have good credit scores. But the fact that you do not make much at present and your wife is unemployed makes it not-so-easy for you to qualify for a new loan. You also have the current mortgage which you are yet to pay off. Your parents too have good credit. If they can show a good income, the lenders can allow them to co-sign on the loan to help you get the mortgage. Contact a lender and talk with them regarding this. I think you should not have any problem in qualifying, if your parents co-sign on the loan.
Both you and your wife have good credit scores. But the fact that you do not make much at present and your wife is unemployed makes it not-so-easy for you to qualify for a new loan. You also have the current mortgage which you are yet to pay off. Your parents too have good credit. If they can show a good income, the lenders can allow them to co-sign on the loan to help you get the mortgage. Contact a lender and talk with them regarding this. I think you should not have any problem in qualifying, if your parents co-sign on the loan.
Hi CLS,
Welcome to our forum.
As you say your wife is unemployed, It will be problem to get qualify for loan.750 credit score enough for requirement of credit score. If your parent having good income proof then they will be the co-signer for loan.Good income proof is very useful to get loan from lenders while you are unemployed.
Thanks & Regards.
gunz.ijjistaff
______________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
Welcome to our forum.
As you say your wife is unemployed, It will be problem to get qualify for loan.750 credit score enough for requirement of credit score. If your parent having good income proof then they will be the co-signer for loan.Good income proof is very useful to get loan from lenders while you are unemployed.
Thanks & Regards.
gunz.ijjistaff
______________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure.
