Posted on: 05th Oct, 2010 04:35 pm
My husband and I have recently moved in with my mom in Los Angeles after being forced into a short sale on our own house (lost job, move, new job). Since my mom is getting older and I'd like to be near her to care for her, she did a quitclaim to add me to the title of the house. We'd like to take out a loan of about 225K to add a family room and a master suite to the home, which is worth 550-600K.
The problem: my credit took a hit with the short sale. At the urging of the bank, I didn't pay the mortgage as we were negotiating the sale. Consequently, I now have one 30 day and two sixty day delinquencies on my credit report. My scores from the bureaus are (Vantage) 786, 774 and 769. My husband's FICO is 710. My mom's FICO score (assuming she'd be on the loan, too) is above 800. Our combined income is 107K a year and other than a 9000 dollar auto loan, we have no debt. Is there any chance we'd be approved for a decent 30-year-fixed loan?
The problem: my credit took a hit with the short sale. At the urging of the bank, I didn't pay the mortgage as we were negotiating the sale. Consequently, I now have one 30 day and two sixty day delinquencies on my credit report. My scores from the bureaus are (Vantage) 786, 774 and 769. My husband's FICO is 710. My mom's FICO score (assuming she'd be on the loan, too) is above 800. Our combined income is 107K a year and other than a 9000 dollar auto loan, we have no debt. Is there any chance we'd be approved for a decent 30-year-fixed loan?