Posted on: 04th Oct, 2010 08:50 pm
Hi, my fiance and I have been renting ($855/month) for the past 2 years and are tired of putting money into something when we will never get it back. I work have an excellent credit score and no debts, as does my fiance. However, I only work part time at minimum wage, but have worked at the same job for the past 2 years. She has no job.
Both my mother-in-law (has worked same job for past 23 years) who makes around $45,000/year and has a very low debt/income ratio & EXCELLENT credit and my parents who make $140,000/year and have a moderate debt/income ratio & very good credit are willing to cosign for us.
We would be looking for a loan of around $80,000 to buy a single family home in a rural area and have about 15% already saved.
my questions are:
Will our rental history (we have ALWAYS paid on time and the full $855) have any impact on our approval or not?
Is it possible to have more than one co-signer/co-borrower? (sorry, not really sure the difference of the two.)
Is there any hope for us even trying to apply for a home loan or should we just keep renting?
Both my mother-in-law (has worked same job for past 23 years) who makes around $45,000/year and has a very low debt/income ratio & EXCELLENT credit and my parents who make $140,000/year and have a moderate debt/income ratio & very good credit are willing to cosign for us.
We would be looking for a loan of around $80,000 to buy a single family home in a rural area and have about 15% already saved.
my questions are:
Will our rental history (we have ALWAYS paid on time and the full $855) have any impact on our approval or not?
Is it possible to have more than one co-signer/co-borrower? (sorry, not really sure the difference of the two.)
Is there any hope for us even trying to apply for a home loan or should we just keep renting?
Hi Guest,
If you've paid the debts on time, your rental payment history will have a positive impact when the lender approves the mortgage for you. You can have more than one co-signer on your mortgage. You will definitely get a mortgage to buy a property of your own if your parents co-sign for it. However, it will be difficult for you to qualify alone as you have a part time job and your fiancée does not have a job.
Thanks,
Jerry
If you've paid the debts on time, your rental payment history will have a positive impact when the lender approves the mortgage for you. You can have more than one co-signer on your mortgage. You will definitely get a mortgage to buy a property of your own if your parents co-sign for it. However, it will be difficult for you to qualify alone as you have a part time job and your fiancée does not have a job.
Thanks,
Jerry
Yes. Your excellent rental history will be a compensating factor when looking at your file. Ultimately, I believe you'll be able to find financing. At your size loan amount, your mortgage payment will probably be right around what you're paying right now. If all payments were made on time, your credit is truly excellent, and you have a strong co-signor....the odds are in your favor.
