Posted on: 26th Aug, 2009 07:48 am
Hello.
My husband bought a home as soon as we got married as his single property. I am not on mortgage or title. He foreclosed the home last year. I am working for last two years. MY parents are ready to help me the down payment and they want to us to buy the home next to their home. My question is Can I buy home ? Am I qualified to buy home ?
My husband bought a home as soon as we got married as his single property. I am not on mortgage or title. He foreclosed the home last year. I am working for last two years. MY parents are ready to help me the down payment and they want to us to buy the home next to their home. My question is Can I buy home ? Am I qualified to buy home ?
Are you want to buy home separately?
Are you working somewhere(employeed)?
Are you working somewhere(employeed)?
Definately you can buy home but reply above questions and provide all the details so that anyone can revert back to you with proper soluton.
janu, there is far more to it than simply answering those two questions. in fact, you've already done that, so don't bother.
in addition to your work history, you'll have to have a minimum credit score of 620, and you'll have to be able to afford the payments. essentially, what that means is that the monthly payment for that home(loan+tax+insurance) doesn't exceed about 30% of your gross monthly income. you'll also need assets sufficient for down payment and closing costs - your parents can help you with this if that's their desire.
depending on where you live, you may qualify for a first-time homebuyer program that can give you a better interest rate, along with the possibility of assistance with the assets, if needed.
in addition to your work history, you'll have to have a minimum credit score of 620, and you'll have to be able to afford the payments. essentially, what that means is that the monthly payment for that home(loan+tax+insurance) doesn't exceed about 30% of your gross monthly income. you'll also need assets sufficient for down payment and closing costs - your parents can help you with this if that's their desire.
depending on where you live, you may qualify for a first-time homebuyer program that can give you a better interest rate, along with the possibility of assistance with the assets, if needed.
I have 720 credit score. I am employed for two years. I can afford monthly payment. My parents are helping me with 20% down payment. I want to buy as a single property. Can I buy the property ? Since my husband foreclosed the property.
Monthly payment+insurance+tax less than 30% of my gross income.
your husband's credit issues do not accrue to you, so you seem to have no difficulty in obtaining a mortgage at all. you've got all the right credentials. go for it.
Thanks!
you're welcome janu. i hope it all goes smoothly.