Posted on: 29th Mar, 2009 12:43 pm
here is my problem.. I've been married for 2 years and moved into my husbands home (my name is not on the home). we are renting out the current home and found a house that we want to put an offer on that is listed for $575,000. my middle credit score is a 624. My husband has a 790 score and my parents came on as a co-signor each have 800 credit scores. And I personally have $20,000 to put down.
I'm bring told that our income looks really good but because we don't have 30% equity in my husbands home (because of the market change) and because of my middle score being 624 we can not get the loan for the new house, even though the house is being rented out and we have a co-signor...is this true?
I'm bring told that our income looks really good but because we don't have 30% equity in my husbands home (because of the market change) and because of my middle score being 624 we can not get the loan for the new house, even though the house is being rented out and we have a co-signor...is this true?
Hi tink!
Welcome to forums!
Your husband's credit score and the credit score of your parents are quite good. If they sign as a cosigner, I don't think you should face any problem in qualifying for the loan. I would suggest you to speak to some other lenders and check out their opinion in this matter.
You may also speak to the lenders of this community and seek a no obligation free consultation from them. This will help you know whether you would get a loan or not and what type of rates you can get.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Your husband's credit score and the credit score of your parents are quite good. If they sign as a cosigner, I don't think you should face any problem in qualifying for the loan. I would suggest you to speak to some other lenders and check out their opinion in this matter.
You may also speak to the lenders of this community and seek a no obligation free consultation from them. This will help you know whether you would get a loan or not and what type of rates you can get.
Feel free to ask if you have further queries.
Sussane